- Bark Inc (NYSE:BARK) reported first-quarter FY23 sales growth of 12% year-on-year, to $131.15 million, beating the consensus of $130.15 million.
- The average order value increased 6% Y/Y to $31.07.
- Direct to customer revenue rose 12% Y/Y to $118.4 million, and Commerce revenue increased 4% to $12.8 million.
- Gross profit for the quarter grew 8.6% to $75.8 million, with a gross margin contracted 100 basis points to 58%.
- General and administrative expenses rose 14.5% to $79.6 million.
- The company held $177.2 million in cash and equivalents as of June 30, 2022.
- Adjusted EBITDA loss expanded to $(13) million versus $(7.6) million last year.
- Adjusted EPS of $(0.09) beat the analyst consensus of $(0.12).
- Outlook: Bark reiterated its FY23 revenue outlook of $556 million versus the consensus of $556.15 million.
- The company raised FY23 adjusted EBITDA guidance to $(33) million from the previous forecast of $(36) million.
- It sees Q2 revenue of $135 million versus the Street view of $133.3 million and adjusted EBITDA of $(8) million.
- Price Action: BARK shares are trading higher by 13.56% at $2.01 in premarket on the last check Wednesday.
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