Allbirds, Inc. (NASDAQ:BIRD) Q3 2023 Earnings Call Transcript

Joey Zwillinger: Yes. We’re not going to want to go into too many long-term details when we’re in the throes of this. I can tell you, we still target a gross margin in our direct business in the U.S. of targeting 60% gross margin, and a lot of the work we’ve done so far is tracking towards that. So, that’s an important element there. And you can kind of see gross margin naturally transition across the channels, albeit at different levels. But the cost savings that we’re generating this year are certainly applicable across channel. So, that’s the most I’d probably say at this point. And we’ll think about how to get back to you all in terms of what we expect for next year, what we expect for 2025, and give you a longer-term picture as we get into 2024 and beyond.

Krista Zuber: Great. Thanks. Best of luck.

Operator: This concludes the question-and-answer session. I would now like to turn it back to management.

Joey Zwillinger: Thanks, everyone. I’ll just close with a few comments. I should just say, our team is laser focused on profitability and driving high-quality sales, even if it does mean sacrificing growth at times. And while we do that, we do intend to seek growth opportunities across products and channels that drive elevated levels of profit. And the incremental progress we’re making is building on an already strong brand foundation, and we expect it to compound into strong shareholder returns in the future. So, thanks for your continued interest in Allbirds as we move through quarter after quarter through this transformation and do the great work we’re doing. And we look forward to wrapping up the year with you and looking out to ’24 in a few months. Thanks.

Operator: Thank you for your participation in today’s conference. This does conclude the program. You may now disconnect.