Allbirds, Inc. (NASDAQ: BIRD), a global lifestyle brand that
innovates with naturally derived materials to make better footwear
and apparel products in a better way, today reported financial
results for the first quarter ended March 31, 2024.
First Quarter 2024 Overview
- First quarter net revenue decreased
27.6% to $39.3 million versus a year ago, within the Company’s
guidance range.
- First quarter gross margin improved
680 basis points to 46.9% versus a year ago.
- First quarter net loss of $27.3
million, or $0.18 per basic and diluted share.
- First quarter adjusted EBITDA1 loss of of $20.9 million, above
the Company’s guidance range.
- Inventory at quarter end of $60.6
million, representing a decrease of 45% versus a year ago.
- As of March 31, 2024, the Company
had $102.1 million of cash and cash equivalents and no outstanding
borrowings under its $50.0 million revolving credit facility.
- Entered into distributor agreements
for two new regions, the Gulf Countries and Southeast Asia.
“We are pleased to begin the year with solid
progress under our strategic transformation plan,” said Joe
Vernachio, Chief Executive Officer. “The operational and financial
rigor we’ve developed, and strong execution by our teams, enabled
us to meet or exceed expectations on our key metrics.”
Vernachio added, “We are focusing on bringing a fresh, updated
product offering to consumers, supported by effective storytelling.
Our recent launches, including the Wool Runner 2 and Tree Runner
Go, have met with strong consumer response, reaffirming our
conviction that Allbirds is a beloved brand. Looking further ahead,
as we continue to drive improvement in our cost structure and
underlying operating model, we believe the business is on the right
path to achieve long-term profitable growth and deliver shareholder
value.”
First Quarter Operating
Results
In the first quarter of 2024, net revenue
decreased 27.6% to $39.3 million compared to $54.4 million in the
first quarter of 2023. The year-over-year decrease is primarily
attributable to lower overall demand, as well as the impact of
international distributor transitions and retail store
closures.
Gross profit totaled $18.5 million compared to $21.8 million in
the first quarter of 2023, and gross margin improved 680 basis
points to 46.9% compared to 40.1% in the first quarter of 2023. The
decline in gross profit is primarily due to a decrease in units
sold, and the improvement in gross margin is primarily due to lower
freight and product costs per unit, and a decrease in inventory
write-downs resulting from a healthier inventory composition versus
a year ago.
Selling, general, and administrative expense (SG&A) was
$39.7 million, or 101.0% of net revenue, compared to $42.8 million,
or 78.7% of net revenue in the first quarter of 2023. The decrease
is primarily attributable to decreases in stock-based compensation,
personnel expenses, and occupancy costs.
Marketing expense totaled $7.8 million, or 19.7% of net revenue,
compared to $11.5 million, or 21.1% of net revenue, in the first
quarter of 2023, driven by decreased digital advertising spend.
Restructuring expense totaled $0.8 million, or 2.0% of net
revenue compared to $3.3 million, or 6.0% of net revenue, in the
first quarter of 2023, primarily as a result of reduced expenses
associated with execution of the strategic transformation plan
announced in March 2023.
In the first quarter of 2024, net loss was $27.3 million
compared to $35.2 million in the first quarter of 2023, and net
loss margin was 69.5% compared to 64.7% in the first quarter of
2023.
In the first quarter of 2024, adjusted EBITDA1
was a loss of $20.9 million, a 3.6% improvement compared to a loss
of $21.7 million in the first quarter of 2023, and adjusted EBITDA
margin1 declined to (53.1)% compared to (39.8)% in the first
quarter of 2023.
________________________
1 For a reconciliation of each non-GAAP
financial measure to its most directly comparable GAAP financial
measure, please refer to the reconciliation tables in the section
titled “Non-GAAP Financial Measures” below.
Strategic Transformation
In Q1 2024, Allbirds delivered a fifth consecutive quarter of
operational and financial progress under its strategic
transformation plan:
- Reignite product and brand:
Executing an icon-focused brand strategy to drive resonance with
the consumer through fresh, innovative products, as well as more
impactful storytelling and marketing.
- Optimize U.S. distribution and retail store profitability:
Closing certain underperforming Allbirds stores, driving traffic
and conversion within our U.S. store portfolio and creating a
balanced U.S. marketplace. In Q1, the Company closed three U.S.
retail stores and remains on track with its previously communicated
plan to close 10-15 U.S. locations in 2024.
- Evaluate transition of international go-to-market strategy:
Transitioning to a distributor model in certain international
markets to grow those regions in a cost- and capital-efficient
manner. The Company has completed the transition to a distributor
model in Canada and South Korea, and remains on track to complete
its previously announced transition to a distributor model in
Australasia and Japan mid-year. During Q1, Allbirds signed
definitive agreements with distributors in two new regions, the
Gulf Countries and Southeast Asia.
- Improve cost savings and capital efficiency: Tracking to
achieve the cost of goods savings and SG&A savings previously
outlined for 2025 and optimizing cash.
Balance Sheet Highlights
Allbirds ended the quarter with $102.1 million
of cash and cash equivalents and no outstanding borrowings under
its $50 million revolving credit facility. Inventories totaled
$60.6 million, a decrease of 45% versus a year ago, reflecting
fewer units of on hand inventory and a healthier overall
composition.
2024 Financial Outlook
The Company is reiterating its full year 2024
guidance as follows:
- Net revenue of $190 million to $210
million
- U.S. net revenue of $150 million to
$165 million, including a $7 million to $9 million impact resulting
from anticipated store closures
- International net revenue of $40
million to $45 million, including $25 million to $28 million of
impact resulting from anticipated transitions to a distributor
model in certain international markets
- Gross margin of 42% to 45%
- Adjusted EBITDA2 loss of $78
million to $63 million.
Allbirds is providing the following guidance for
the second quarter of 2024:
- Net revenue of $48 million to $53
million
- U.S. net revenue of $35 million to
$37 million
- International net revenue of $13
million to $16 million
- Adjusted EBITDA2 loss of $20
million to $17 million.
________________________
2 A reconciliation of these non-GAAP financial measures to
corresponding GAAP financial measures is not available on a
forward-looking basis without unreasonable effort as we are
currently unable to predict with a reasonable degree of certainty
certain expense items that are excluded in calculating adjusted
EBITDA, although it is important to note that these factors could
be material to our results computed in accordance with GAAP. We
have provided a reconciliation of GAAP to non-GAAP financial
measures in the section titled “Reconciliation of GAAP to Non-GAAP
Financial Measures” for our first quarter 2024 and 2023 results
included in this press release.
Conference Call Information
Allbirds will host a conference call to discuss
the results, followed by Q&A, at 5:00 p.m. Eastern Time today,
May 8, 2024. A live webcast and replay of the conference call will
be available on the investor relations section of the Allbirds
website at https://www.ir.allbirds.com. Information on the
Company’s website is not, and will not be deemed to be, a part of
this press release or incorporated into any other filings the
Company may make with the Securities and Exchange Commission. A
replay of the webcast will also be archived on the Allbirds website
for 12 months.
About Allbirds, Inc.
Based in San Francisco, with its roots in New Zealand, Allbirds
launched in 2016 with a single shoe: the now iconic Wool Runner. In
the years since, Allbirds has sold millions of pairs of shoes, and
has maintained its commitment to incredible comfort, versatile
style and unmatched quality. This is made possible with materials
like Allbirds’s sugarcane-based midsole technology, SweetFoam™, and
textiles made with eucalyptus fibers and Merino wool – so consumers
don't have to compromise between the best products and their impact
on the earth. www.allbirds.com.
Forward-Looking Statements
This press release and related conference call
contain “forward-looking” statements, as the term is defined under
federal securities laws, that are based on management’s beliefs and
assumptions and on information currently available to management.
All statements other than statements of historical facts, including
statements regarding our strategic transformation plan and related
efforts, future financial performance, including our financial
outlook on financial results and guidance targets, planned
transition to a distributor model in certain international markets,
anticipated distributor model arrangements, focus on improving
efficiencies and driving profitability, restructuring charges,
estimated and/or targeted cost savings, medium-term financial
targets, market position, future results of operations, financial
condition, business strategy and plans, reducing the carbon
footprint of our products, materials innovation and new product
launches, and objectives of management for future operations are
forward-looking statements. In some cases, you can identify
forward-looking statements because they contain words such as
“designed,” “objective,” “anticipate,” “believe,” “contemplate,”
“continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,”
“potential,” “predict,” “project,” “should,” “target,” “will,” or
“would” or the negative of these words or other similar terms or
expressions. Forward-looking statements are subject to numerous
assumptions, risks and uncertainties which could cause actual
results or facts to differ materially from those statements
expressed or implied in the forward-looking statements, including,
but not limited to: unfavorable economic conditions; our ability to
execute our strategic transformation plans, simplification
initiatives or our long-term growth strategy; fluctuations in our
operating results; our ability to achieve the financial outlook and
guidance targets for the second quarter of 2024; our ability to
complete transitions to a distributor model in certain
international markets; our ability to achieve our cost savings
targets by 2025; deteriorating economic conditions, including
economic recession, inflation, tax rates, foreign currency exchange
rates, or the availability of capital; impairment of long-lived
assets; the strength of our brand; our net losses since inception;
the competitive marketplace; our reliance on technical and
materials innovation; our use of sustainable high-quality materials
and environmentally friendly manufacturing processes and supply
chain practices; our ability to attract new customers and increase
sales to existing customers; the impact of climate change and
government and investor focus on sustainability issues; our ability
to anticipate product trends and consumer preferences, including
with respect to the product launches we have planned for the first
half of 2024; breaches of security or privacy of business
information; and our ability to forecast consumer demand. Moreover,
we operate in a very competitive and rapidly changing environment
in which new risks emerge from time to time. It is not possible for
our management to predict all risks, nor can we assess the impact
of all factors on our business or the extent to which any factor,
or combination of factors, may cause our actual results or
performance to differ materially from those contained in any
forward-looking statements we may make.
A further discussion of these and other factors that could cause
our financial results, performance, and achievements to differ
materially from any results, performance, or achievements
anticipated, expressed, or implied by these forward-looking
statements is included in the filings we make with the SEC,
including our Annual Report on Form 10-K for the year ended
December 31, 2023, and future reports we may file with the SEC from
time to time. The forward-looking statements contained in this
press release and related conference call relate only to events as
of the date stated or, if no date is stated, as of the date of this
press release and related conference call. We undertake no
obligation to update any forward-looking statements made in this
press release to reflect events or circumstances after the date of
this press release or to reflect new information or the occurrence
of unanticipated events, except as required by law. We may not
actually achieve the plans, intentions or expectations disclosed in
or expressed by, and you should not place undue reliance on our
forward-looking statements. Our forward-looking statements do not
reflect the potential impact of any future acquisitions, mergers,
dispositions, joint ventures or investments.
Use of Non-GAAP Financial Measures
This press release and accompanying financial
tables include references to adjusted EBITDA and adjusted EBITDA
margin, which are non-GAAP financial measures. We believe that
providing these non-GAAP financial measures, when reviewed in
conjunction with GAAP financial measures, and not in isolation or
as substitutes for analysis of our results of operations under
GAAP, are useful to investors as they are widely used measures of
performance, and the adjustments we make to these non-GAAP
financial measures may provide investors further insight into our
profitability and additional perspectives in comparing our
performance to other companies and in comparing our performance
over time on a consistent basis. These non-GAAP financial measures
should not be considered as alternatives to net loss or net loss
margin as calculated and presented in accordance with GAAP.
Adjusted EBITDA is defined as net loss before stock-based
compensation expense, depreciation and amortization expense,
impairment expense, restructuring expense (consisting of
professional fees, personnel and related expenses, and other
related charges resulting from our strategic initiatives), non-cash
gains or losses on the sales of businesses relating to our March
2023 initiatives, other income or expense (consisting of non-cash
gains or losses on foreign currency, non-cash gains or losses on
sales of property and equipment, and non-cash gains or losses on
modifications or terminations of leases), interest income or
expense, and income tax provision or benefit.
Adjusted EBITDA margin is defined as adjusted EBITDA divided by
net revenue.
Other companies, including companies in our industry, may
calculate these adjusted financial measures differently, which
reduces their usefulness as comparative measures. Because of these
limitations, we consider, and investors should consider, these
adjusted financial measures together with other operating and
financial performance measures presented in accordance with
GAAP.
Investor Relations:
ir@allbirds.com
Media Contact:
press@allbirds.com
Condensed
Consolidated Statements of Operations and Comprehensive
Loss(in thousands, except share, per share
amounts, and percentages)(unaudited) |
|
|
Three Months Ended March 31, |
|
|
2024 |
|
|
|
2023 |
|
Net
revenue |
$ |
39,327 |
|
|
$ |
54,352 |
|
Cost of
revenue |
|
20,871 |
|
|
|
32,535 |
|
Gross
profit |
|
18,456 |
|
|
|
21,817 |
|
Operating
expense: |
|
|
|
Selling, general, and administrative expense |
|
39,706 |
|
|
|
42,764 |
|
Marketing expense |
|
7,760 |
|
|
|
11,493 |
|
Restructuring expense |
|
800 |
|
|
|
3,239 |
|
Total operating expense |
|
48,266 |
|
|
|
57,496 |
|
Loss from operations |
|
(29,810 |
) |
|
|
(35,679 |
) |
Interest
income |
|
1,020 |
|
|
|
808 |
|
Other income
(expense) |
|
1,698 |
|
|
|
(74 |
) |
Loss before
provision for income taxes |
|
(27,092 |
) |
|
|
(34,945 |
) |
Income tax
provision |
|
(239 |
) |
|
|
(221 |
) |
Net
loss |
$ |
(27,331 |
) |
|
$ |
(35,166 |
) |
|
|
|
|
Net loss per
share data: |
|
|
|
Net loss per share attributable to common stockholders, basic and
diluted |
$ |
(0.18 |
) |
|
$ |
(0.23 |
) |
Weighted-average shares used in computing net loss per share
attributable to common stockholders, basic and diluted |
|
155,380,544 |
|
|
|
150,082,295 |
|
|
|
|
|
Other
comprehensive (loss) income: |
|
|
|
Foreign currency translation (loss) income |
|
(1,213 |
) |
|
|
230 |
|
Total
comprehensive loss |
$ |
(28,544 |
) |
|
$ |
(34,936 |
) |
|
Three Months Ended March 31, |
|
|
2024 |
|
|
|
2023 |
|
Statements of Operations Data, as a Percentage of Net
Revenue: |
|
|
|
Net
revenue |
|
100.0 |
% |
|
|
100.0 |
% |
Cost of
revenue |
|
53.1 |
% |
|
|
59.9 |
% |
Gross
profit |
|
46.9 |
% |
|
|
40.1 |
% |
Operating
expense: |
|
|
|
Selling, general, and administrative expense |
|
101.0 |
% |
|
|
78.7 |
% |
Marketing expense |
|
19.7 |
% |
|
|
21.1 |
% |
Restructuring expense |
|
2.0 |
% |
|
|
6.0 |
% |
Total operating expense |
|
122.7 |
% |
|
|
105.8 |
% |
Loss from
operations |
|
(75.8 |
)% |
|
|
(65.6 |
)% |
Interest
income |
|
2.6 |
% |
|
|
1.5 |
% |
Other income
(expense) |
|
4.3 |
% |
|
|
(0.1 |
)% |
Loss before
provision for income taxes |
|
(68.9 |
)% |
|
|
(64.3 |
)% |
Income tax
provision |
|
(0.6 |
)% |
|
|
(0.4 |
)% |
Net
loss |
|
(69.5 |
)% |
|
|
(64.7 |
)% |
|
|
|
|
Other
comprehensive loss: |
|
|
|
Foreign currency translation (loss) income |
|
(3.1 |
)% |
|
|
0.4 |
% |
Total
comprehensive loss |
|
(72.6 |
)% |
|
|
(64.3 |
)% |
Condensed
Consolidated Balance Sheets (in thousands, except
share amounts)(unaudited) |
|
|
|
|
|
March
31, |
|
December
31, |
|
2024 |
|
|
2023 |
|
Assets |
|
|
|
Current
assets: |
|
|
|
Cash and cash equivalents |
$ |
102,084 |
|
|
$ |
130,032 |
|
Accounts receivable |
|
5,703 |
|
|
|
8,188 |
|
Inventory |
|
60,624 |
|
|
|
57,763 |
|
Prepaid expenses and other current assets |
|
16,813 |
|
|
|
16,423 |
|
Total current assets |
|
185,224 |
|
|
|
212,406 |
|
|
|
|
|
Property and
equipment—net |
|
22,397 |
|
|
|
26,085 |
|
Operating
lease right-of-use assets |
|
58,283 |
|
|
|
67,085 |
|
Other
assets |
|
6,459 |
|
|
|
7,129 |
|
Total assets |
$ |
272,363 |
|
|
$ |
312,705 |
|
|
|
|
|
Liabilities and stockholders' equity |
|
|
|
|
|
|
|
Current
liabilities: |
|
|
|
Accounts payable |
|
13,144 |
|
|
|
5,851 |
|
Accrued expenses and other current liabilities |
|
15,302 |
|
|
|
22,987 |
|
Current lease liabilities |
|
14,003 |
|
|
|
15,218 |
|
Deferred revenue |
|
4,261 |
|
|
|
4,551 |
|
Total current liabilities |
|
46,710 |
|
|
|
48,607 |
|
|
|
|
|
Noncurrent
liabilities: |
|
|
|
Noncurrent lease liabilities |
|
65,348 |
|
|
|
78,731 |
|
Other long-term liabilities |
|
38 |
|
|
|
38 |
|
Total noncurrent liabilities |
|
65,386 |
|
|
|
78,769 |
|
Total liabilities |
$ |
112,096 |
|
|
$ |
127,376 |
|
|
|
|
|
Commitments
and contingencies (Note 11) |
|
|
|
|
|
|
|
Stockholders' equity: |
|
|
|
Class A Common Stock, $0.0001 par value; 2,000,000,000 shares
authorized as of March 31, 2024 and December 31, 2023; 103,223,614
and 102,579,222 shares issued and outstanding as of March 31, 2024
and December 31, 2023, respectively |
|
10 |
|
|
|
10 |
|
Class B Common Stock, $0.0001 par value; 200,000,000 shares
authorized as of March 31, 2024 and December 31, 2023; 52,547,761
and 52,547,761 shares issued and outstanding as of March 31, 2024
and December 31, 2023, respectively |
|
5 |
|
|
|
5 |
|
Additional paid-in capital |
|
583,330 |
|
|
|
579,848 |
|
Accumulated other comprehensive loss |
|
(4,548 |
) |
|
|
(3,335 |
) |
Accumulated deficit |
|
(418,530 |
) |
|
|
(391,199 |
) |
Total stockholders' equity |
|
160,267 |
|
|
|
185,329 |
|
|
|
|
|
Total liabilities and stockholders' equity |
$ |
272,363 |
|
|
$ |
312,705 |
|
Condensed
Consolidated Statements of Cash Flows(in
thousands)(unaudited) |
|
|
Three Months Ended March 31, |
|
|
2024 |
|
|
|
2023 |
|
Cash
flows from operating activities: |
|
|
|
Net loss |
$ |
(27,331 |
) |
|
$ |
(35,166 |
) |
Adjustments to reconcile net loss to net cash used in operating
activities: |
|
|
|
Depreciation and amortization |
|
4,846 |
|
|
|
5,077 |
|
Amortization of debt issuance costs |
|
8 |
|
|
|
12 |
|
Stock-based compensation |
|
3,344 |
|
|
|
5,670 |
|
Inventory write-down |
|
893 |
|
|
|
2,357 |
|
Provision for bad debt |
|
802 |
|
|
|
— |
|
Impairment of note receivable |
|
404 |
|
|
|
— |
|
Changes in assets and liabilities: |
|
|
|
Accounts receivable |
|
1,630 |
|
|
|
3,297 |
|
Inventory |
|
(3,991 |
) |
|
|
5,089 |
|
Prepaid expenses and other current assets |
|
(419 |
) |
|
|
430 |
|
Operating lease right-of-use assets and current and noncurrent
lease liabilities |
|
(5,755 |
) |
|
|
738 |
|
Accounts payable and accrued expenses |
|
(333 |
) |
|
|
(8,028 |
) |
Deferred revenue |
|
(299 |
) |
|
|
(389 |
) |
Net cash used in operating activities |
|
(26,201 |
) |
|
|
(20,913 |
) |
|
|
|
|
Cash
flows from investing activities: |
|
|
|
Purchase of property and equipment |
|
(1,122 |
) |
|
|
(3,035 |
) |
Changes in security deposits |
|
52 |
|
|
|
(50 |
) |
Proceeds from sales of businesses |
|
304 |
|
|
|
— |
|
Net cash used in investing activities |
|
(766 |
) |
|
|
(3,085 |
) |
|
|
|
|
Cash
flows from financing activities: |
|
|
|
Proceeds from the exercise of stock options |
|
34 |
|
|
|
123 |
|
Taxes withheld and paid on employee stock awards |
|
(1 |
) |
|
|
(61 |
) |
Net cash provided by financing activities |
|
33 |
|
|
|
62 |
|
|
|
|
|
Effect of
foreign exchange rate changes on cash, cash equivalents, and
restricted cash |
|
(814 |
) |
|
|
110 |
|
Net decrease
in cash, cash equivalents, and restricted cash |
|
(27,748 |
) |
|
|
(23,826 |
) |
Cash, cash
equivalents, and restricted cash—beginning of period |
|
130,673 |
|
|
|
167,767 |
|
Cash, cash
equivalents, and restricted cash—end of period |
$ |
102,925 |
|
|
$ |
143,941 |
|
|
|
|
|
Supplemental disclosures of cash flow
information: |
|
|
|
Cash paid for interest |
$ |
48 |
|
|
$ |
20 |
|
Cash paid for taxes |
$ |
655 |
|
|
$ |
273 |
|
Noncash investing and financing activities: |
|
|
|
Purchase of property and equipment included in accounts
payable |
$ |
53 |
|
|
$ |
542 |
|
Stock-based compensation included in capitalized internal-use
software |
$ |
87 |
|
|
$ |
242 |
|
Reconciliation of cash, cash equivalents, and restricted
cash: |
|
|
|
Cash and cash equivalents |
$ |
102,084 |
|
|
$ |
143,307 |
|
Restricted cash included in prepaid expenses and other current
assets |
|
841 |
|
|
|
634 |
|
Total cash, cash equivalents, and restricted cash |
$ |
102,925 |
|
|
$ |
143,941 |
|
|
|
|
|
Reconciliation of GAAP to Non-GAAP Financial
Measures(in thousands, except share, per share
amounts, and percentages)(unaudited) |
|
The following tables present a reconciliation of
adjusted EBITDA to its most comparable GAAP measure, net loss, and
presentation of net loss margin and adjusted EBITDA margin for the
periods indicated: :
|
Three Months Ended March 31, |
|
|
2024 |
|
|
|
2023 |
|
Net
loss |
$ |
(27,331 |
) |
|
$ |
(35,166 |
) |
Add (deduct): |
|
|
|
|
|
Stock-based compensation expense |
3,344 |
|
|
5,670 |
|
Depreciation and amortization expense |
4,771 |
|
|
5,111 |
|
Restructuring expense |
800 |
|
|
3,239 |
|
Other (income) expense |
|
(1,698 |
) |
|
74 |
|
Interest (income) expense |
|
(1,020 |
) |
|
|
(808 |
) |
Income tax
provision |
239 |
|
|
221 |
|
Adjusted
EBITDA |
$ |
(20,895 |
) |
|
$ |
(21,659 |
) |
|
|
Three Months Ended March 31, |
|
2024 |
|
|
2023 |
|
Net revenue |
$ |
39,327 |
|
|
$ |
54,352 |
|
|
|
|
|
|
|
Net
loss |
$ |
(27,331 |
) |
|
$ |
(35,166 |
) |
Net loss
margin |
(69.5 |
)% |
|
(64.7 |
)% |
|
|
|
|
|
|
Adjusted
EBITDA |
$ |
(20,895 |
) |
|
$ |
(21,659 |
) |
Adjusted
EBITDA margin |
(53.1 |
)% |
|
(39.8 |
)% |
|
|
|
|
|
|
|
|
|
Net Revenue
and Store Count by Primary Geographical Market(in
thousands, except for store
count)(unaudited) |
|
|
Net Revenue by Primary Geographical Market |
|
Three Months Ended March 31, |
|
|
2024 |
|
|
|
2023 |
|
United
States |
$ |
29,232 |
|
|
$ |
40,836 |
|
International |
|
10,095 |
|
|
|
13,516 |
|
Total net revenue |
$ |
39,327 |
|
|
$ |
54,352 |
|
|
|
|
|
|
Store Count by Primary Geographical Market |
|
March 31,2022 |
|
June 30,2022 |
|
September 30,2022 |
|
December 31,2022 |
|
March 31,2023 |
|
June 30,2023 |
|
September 30,2023 |
|
December 31,2023 |
|
March 31,2024 |
United
States |
27 |
|
32 |
|
38 |
|
42 |
|
42 |
|
44 |
|
45 |
|
45 |
|
42 |
International [1] |
12 |
|
14 |
|
13 |
|
16 |
|
17 |
|
18 |
|
15 |
|
15 |
|
15 |
Total stores |
39 |
|
46 |
|
51 |
|
58 |
|
59 |
|
62 |
|
60 |
|
60 |
|
57 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
[1] In the third
quarter of 2023, we transitioned the operations of two stores in
Canada and one store in South Korea to unrelated third-party
distributors, resulting in a reduction of three international
stores. In the first quarter of 2024, we closed the operations of
three stores in the US. |
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