NEW YORK - BARK, Inc. (NYSE: BARK), a leading global omnichannel dog brand, reported mixed financial results for its fiscal fourth quarter ended March 31, 2024. The company announced a fourth-quarter EPS of $0.01, surpassing analyst expectations by $0.02. However, revenue for the quarter was slightly below the consensus, coming in at $121.5 million against an estimate of $122.51 million.
The company's revenue for the quarter marked a 3.6% decline year-over-year (YoY), attributed mainly to a decrease in total orders, particularly in BarkBox and Super Chewer subscriptions compared to the previous year. Despite this, BARK saw an improvement in gross margin, which increased by 580 basis points YoY to 62.7%. The company's net loss also showed significant improvement, decreasing by 65.5% to -$4.9 million compared to last year.
CEO Matt Meeker commented on the results, stating, "Fiscal 2024 was a significant year for BARK in that we capped it off with another strong quarter, and we're building momentum entering fiscal 2025." Meeker highlighted the company's improved gross margin and the second positive quarter of adjusted EBITDA, amounting to $2.2 million. He also noted the notable improvement in free cash flow for the year.
Looking ahead, BARK provided guidance for fiscal year 2025, expecting total revenue to be between $490 million and $500 million, reflecting flat to 2.0% growth YoY. This forecast falls short of the analyst consensus of $511.3 million. The company also anticipates adjusted EBITDA for the year to range from $1.0 million to $5.0 million, which would mark a significant improvement from the previous year.
For the fiscal first quarter of 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 guidance for net loss due to the uncertainty of certain items, such as stock-based compensation expenses.
In addition to its financial results, BARK announced that its Board of Directors has authorized a share repurchase program of up to $15.0 million of its common shares, reflecting the company's strong financial position and positive outlook on its future cash position.
BARK's balance sheet as of March 31, 2024, showed a cash and cash equivalents balance of $125.5 million, a slight decrease compared to the prior quarter. The company's inventory balance also decreased by $14.3 million compared to the prior quarter and by $40.2 million compared to last year.
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