Adds background, details from press release
Nov 30 (Reuters) – Allbirds Inc BIRD.O posted a 33% growth in quarterly revenue on Tuesday in the shoe maker’s first set of results since its Nasdaq debut earlier this month, bolstered by demand from younger shoppers who are growing more conscious of sustainability and waste reduction.
Allbirds, a favorite among workers in the Silicon Valley where it is based, joins the likes of other sustainability-focused companies such as On Holding AG ONON.N and ThredUp Inc TDUP.O, who are benefiting from a growing number of Gen Z and millennial shoppers flocking to environmentally-friendly brands.
The shoemaker, which counts Oscar-winning actor Leonardo DiCaprio among its backers, uses wool and other plant-based alternatives in its products.
The company reported total revenue rose to $62.71 million in the third quarter ending Sept. 30 from $47.24 million a year earlier.
However, net loss widened to $13.80 million, or 25 cents per share, in the third quarter, compared with a loss of about $7 million, or 13 cents per share, a year earlier.
(Reporting by Mehr Bedi in Bengaluru; Editing by Krishna Chandra Eluri)
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