A woman walks past an Allbirds store in the Georgetown neighborhood of Washington, D.C., on Tuesday, Feb. 16, 2021.
Al Drago | Bloomberg | Getty Images
Allbirds said Tuesday that its third-quarter revenue rose 33% from last year, while its losses widened as the cost of opening stores and listing its stock weighed on its results.
The report was the sustainable shoe maker’s first as a public company.
For the three months ended Sept. 30, net losses grew to $13.8 million, or 25 cents per share, from a loss of $7 million, or 13 cents a share, a year earlier.
Sales climbed 33% to $62.7 million from $47.2 million a year ago. Allbirds said its revenue was up 40% on a two-year basis.
Co-founder and CEO Joey Zwillinger said the company saw notable strength in its stores in the United States. Shoppers also responded well to product launches, including a recently debuted performance apparel line.
Selling, general and administrative expenses were $33.0 million, or 52.6% of revenue compared with 42.5% of revenue for the same period in 2020. Costs related with four new store openings and hiring more employees contributed to the uptick, it said.
Allbirds shares fell 2% in extended trading on the news. The shares are down slightly since the company went public on Nov. 3. Shares closed Tuesday at $19.24, about 9% below its opening trade price of $21.21.
This story is developing. Please check back for updates.