NEW YORK – BARK, Inc. (NYSE: BARK), a leading global omnichannel dog brand, reported mixed financial results for the fourth quarter ended March 31, 2024. The company announced fourth-quarter earnings per share of $0.01, exceeding analyst expectations. $0.02. However, revenue for the quarter was slightly below consensus, coming in at $121.5 million, versus an estimate of $122.51 million.
The company’s revenue for the quarter showed a decline of 3.6% year-over-year (YoY), primarily due to a decline in total orders, especially in BarkBox and Super Chewer subscriptions, compared to the prior year . Despite this, BARK saw an improvement in gross margin, which rose 580 basis points year-over-year to 62.7%. The company’s net loss also showed significant improvement, declining 65.5% to -$4.9 million compared to last year.
CEO Matt Meeker commented on the results, saying, “Fiscal year 2024 was a big year for BARK as we ended it with another strong quarter, and we are building momentum heading into fiscal year 2025.” Meeker highlighted the company’s improved gross margin and second positive quarter of adjusted EBITDA, which was $2.2 million. He also noted the notable improvement in free cash flow for the year.
Looking ahead, BARK provided guidance for fiscal 2025, expecting total revenue to be between $490 million and $500 million, reflecting flat to 2.0% year-over-year growth. This forecast falls short of the analyst consensus of $511.3 million. The company also expects adjusted EBITDA for the year to range from $1.0 million to $5.0 million, which would represent a significant improvement over the prior year.
For fiscal first quarter 2025, BARK expects revenue between $113.0 million and $116.0 million and adjusted EBITDA between -$4.0 million and -$2.0 million. The company did not provide net loss guidance due to the uncertainty of certain items, such as stock-based compensation expense.
In addition to the financial results, BARK announced that the Board of Directors has authorized a share repurchase program of up to $15.0 million of common stock, reflecting the company’s strong financial position and positive outlook for its future cash position.
BARK’s balance sheet as of March 31, 2024 showed a cash and cash equivalents balance of $125.5 million, down slightly from the prior quarter. The company’s inventory balance also decreased by $14.3 million compared to the previous quarter and by $40.2 million compared to last year.
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