Footwear and apparel brand Allbirds reported a second-quarter net loss of $19.1 million.

Sales declined by 26.8 percent to $51.6 million, and gross margin improved to 50.5 percent. The company had $87.2 million in cash and cash equivalents at the end of the quarter and decreased inventory levels by 42 percent year-over-year to $53.7 million.

Allbirds reaffirmed its full-year 2024 revenue guidance of $190 million to $210 million and projected adjusted EBITDA losses between $75 million and $63 million.