14.5% Q4 net revenue decline at Allbirds to $72m, COO Joe Vernachio to become CEO, store closures planned in 2024.
Allbirds Inc reported a 14.5% decline in Q4 net revenue to $72m, down from $84.1m in the same period last year. Net revenue for the full year fell 14.7% to $254.1m, largely due to lower selling prices and increased discounting. Allbirds announced that COO Joe Vernachio would take over as CEO, effective March 15, with co-founder Joey Zwillinger remaining on the board and serving as a special advisor. The company plans to close up to a quarter of its U.S. stores over the course of 2024.
March 12, 2024
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