Bark’s revenue increased by 34% over a year, but its net loss doubled
The toys and treats subscription company posted revenue of $507.4 million (€473.4M) and aims to accelerate its path to profitability.
Gross profit was $282.1 million (€263.2M) in the full year ending March 31, 2022 against $225.9 million (€210.7M) in 2021, partly due to the “higher inbound freight costs related to macro supply chain headwinds in fiscal 2022.”
It has, however, added 1.2 million new customers in the last 12 months, bringing the total to 2.3 million.
Despite this, Bark’s net loss was $68.3 million (€63.7M) for fiscal year 2022, compared to a net loss of $31.4 million (€29.3M) in the previous year.
The company noted that it expects revenue of $556 million (€519M) by 2023, a 10% rise.
Earlier in May, Bark appointed Cindy Gustafson as new Chief Marketing Officer to unify the brand and grow its presence in the pet food market. She will be responsible for developing strategies to enhance the brand and drive growth across the company’s key initiatives.
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