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Allbirds topped market estimates for quarterly revenue on Wednesday, Feb. 23, on robust demand for its eco-friendly shoes from younger shoppers who are more focused on sustainability.
Consumers returning to pre-pandemic routines after staying at home for months have been splurging on sneakers for running and hiking, driving up sales of shoemakers.
Allbirds, a favourite of Silicon Valley workers, has also benefited from a shift towards environmentally-friendly brands among Gen-Z and millennial shoppers. The shoemaker uses wool and other plant-based alternatives in its products.
The company’s sales rose 23 percent to $97.2 million in the fourth quarter, beating analysts’ estimates of $91.76 million, according to Refinitiv IBES data.
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By Mehr Bedi; editor: Aditya Soni
Learn more:
Allbirds Won Over Investors. Now What?
The sustainable sneaker company saw shares soar in its debut, but the brand needs to find customers outside its loyal base – and turn a profit while doing it.
