The US shoe retailer Allbirds Inc. was again able to increase its sales significantly in the first quarter of 2022, but at the same time had to accept an unexpectedly high loss. The company lowered its full-year guidance on Tuesday given the adverse global environment.
In the months of January to March, sales reached a level of 62.8 million US dollars (59.4 million euros), exceeding the level of the same quarter last year by 26 percent. Revenues in the USA developed positively (+35 percent), while the effects of the Russian invasion of Ukraine and tightened corona protection measures in China led to a decline in sales in international business (-3 percent).
Higher logistics and sales expenses as well as the costs of expanding space with new stores weighed on the result. The adjusted deficit before interest, taxes, depreciation and amortization (EBITDA), which was 6.9 million US dollars in the same period of the previous year, grew to 12.2 million US dollars. The reported net loss increased by 62 percent from 13.5 to 21.9 million US dollars (20.7 million euros).
Due to the foreseeable consequences of the Ukraine war and the Covid-19 situation in China, management lowered its annual forecasts. It now expects sales to grow 21 to 24 percent to $335 to $345 million in 2022. Previously, an increase of 28 to 32 percent to 355 to 365 million US dollars had been expected. Adjusted EBITDA is now forecast to be in the range of $21 million to $25 million. So far, the company had only expected a loss of nine to 13 million US dollars on this basis.