FILE PHOTO: The Allbirds flagship store sign is seen in Manhattan, New York City, U.S., September 7, 2021. REUTERS/Shannon Stapleton
February 23, 2022
(Reuters) – Allbirds Inc topped market estimates for quarterly revenue on Wednesday 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 favorite 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% to $97.2 million in the fourth quarter, beating analysts’ estimates of $91.76 million, according to Refinitiv IBES data.
(Reporting by Mehr Bedi in Bengaluru; Editing by Aditya Soni)
