Allbirds to IPO investors: the losses will continue
September 1, 2021
Allbirds has applied to list with the Nasdaq exchange and is preparing for an initial public offering, and yet the apparel brand built on principles of sustainability is informing potential investors that it does not see profitability in the cards any time soon. The brand filed losses with the SEC of nearly $25 million in 2021, up from a net loss of $14.5 million last year. Once an e-commerce-only enterprise, management is growing its physical store footprint aggressively, seeing an opportunity to take marketshare away from Nike.
Recent News
Tesla Recalls Cybertruck Due to Stuck Accelerator Pedal
Tesla is recalling almost 4,000 Cybertrucks due to a sticking accelerator pedal. The problem stems from an unauthorized lubricant used during assembly, which reduces the pad’s grip on the pedal.
Trader Joe’s Recalls Organic Basil Product Linked to Salmonella Outbreak
The company’s Infinite Herbs Organic Basil product is recalled due to a possible salmonella contamination.
Procter & Gamble Reports Mixed Results After Price Hikes
Procter & Gamble’s recent quarterly results showed a mix of gains and setbacks. Despite facing challenges in attracting shoppers due to increased prices over the past two years, the company managed to exceed earnings expectations.
JetBlue and Southwest Airlines Collision Narrowly Avoided at Reagan National Airport
An air traffic controller instructed one plane to cross the runway at the same time a second plane was taking off.