Allbirds' Turnaround Plan Takes Root

Welcome back to FN Daily, where we break down the biggest stories happening in footwear and retail.

Today, we have earnings results from Allbirds and the details about Australian shoe brand Bared Footwear opening up its first U.S. shop. Also, Crocs expands its take-back program.

Here's what you need to know.

Allbirds Stock Jumps as New CEO Touts Transformation Plan Progress

Allbirds said it progressed on its transformation plan during its first quarter under the leadership of its new chief executive officer, Joe Vernachio.

For the first quarter, the San Francisco-based footwear company reported results in line with or better than its prior guidance. Vernachio, who assumed the CEO role in March after co-founder and former CEO?Joey Zwillinger stepped down, said the company delivered “solid progress” in Q1 in line with its strategic transformation plan, which involves revamping product, optimizing U.S. distribution and store profitability, re-evaluating its international strategy and improving cost savings.

In the first quarter, Allbirds said it focused on innovative and iconic product, closed three underperforming stores, moved towards a distributor model in some international markets and cut costs.

Full price progress: After spending much of last year getting its inventory levels back in check, Allbirds made the decision to return to full-price selling in January. Vernachio noted that the change could have a near-term impact on sales, but touted the initiative’s progress thus far.

Crocs Expands Its Pre-Loved Shoe Takeback Program After ‘Encouraging’ Pilot Program

Crocs is expanding its shoe takeback program to all Crocs retail and outlet locations in the United States, excluding Hawaii and Puerto Rico. All stores are now equipped with designated collection boxes for consumers to drop off Crocs shoes in any condition – from well-loved to gently used or outgrown.

The Broomfield, Colo.-based footwear company added in an announcement on Thursday that anyone with used Crocs shoes in the continental United States can also visit crocs.com/oldcrocsnew.html to receive a no-cost mail-back kit to send in shoes for their next life. Each participant will receive a one-time 10 percent discount on Crocs products, in store or online.

According to Crocs, these gently used shoes will be donated to Soles4Souls, an international non-profit organization that works with partners to create local economic benefit in communities around the world through entrepreneurship and employment.

Zoom out: The program, called “Old Crocs. New Life,” first launched in October in some Crocs retail stores across 10 states.

Australia’s Bared Footwear Opens First US Store in New York City

Australian shoe brand Bared Footwear has opened up shop in the U.S. for the first time in its 16-year history.

According to Anna Baird, founder and owner of Bared Footwear, the company opened the doors to a new store at 152 Spring St. in New York City’s SoHo neighborhood on Thursday in a space formerly occupied by fellow Australian shoe brand R.M. Williams.

The opening marks the brand’s inaugural brick-and-mortar location outside of Australia – a major milestone in the brand’s growth trajectory as it seeks to expand its global retail footprint.

Baird, a podiatrist-turned-entrepreneur, started Bared Footwear in 2008 with the focus on designing shoes that look good and feel good. Offering men’s and women’s styles, each shoe features a unique biomechanical footbed and hidden support elements.

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