The US shoe supplier Allbirds Inc. continued its decline in the third quarter of the 2023 financial year. Sales shrank by more than a fifth, and the company also slipped deeper into the red.
According to an interim report published on Wednesday evening, sales in the period from July to September amounted to 57.2 million US dollars (53.5 million euros). This means that it fell by 21.2 percent compared to the same quarter of the previous year. The company blamed the lower number of products sold, higher discounts and the change in sales model in South Korea and Canada for the significant decline.
Despite reduced personnel costs and marketing expenses, losses increased. The loss before interest, taxes, depreciation and amortization (EBITDA), adjusted for special items, grew by 27.9 percent to just under $19.0 million. The reported net loss increased by 25.1 percent to 31.6 million US dollars (29.5 million euros).