Allbirds stumbled in its first year as a public company, falling short of full-year sales and profit targets.
An increase in orders and third-party sales were behind the revenue bump, which was partially offset by foreign exchange headwinds that accounted for a nearly $8 million negative hit to revenue. International sales were flat in 2022 as the business grappled with ongoing COVID-19 restrictions in China, foreign exchange headwinds, a reduction in demand due to inflation and the impact of the conflict in Ukraine.
The good news, however, said cofounder and co-CEO Tim Brown, is that in a recent survey, 96 percent of shoppers who purchased from Allbirds over the past year said they would buy from the company again. Allbirds, which started as strictly a direct-to-consumer brand, now operates more than 50 brick-and-mortar stores. Nineteen stores opened in 2022, but this year only three stores will be added, Zwillinger said.
Zwillinger said the response has been good through this channel and Allbirds will continue to evaluate whether to add more stores. “We’re happy with our partners and still have a lot of doors to expand with them, so there’s no huge urgency to add more.”
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