Bark whimpers on full-year sales outlook cut

Bark

10/02/2023 12:37

** Pet retailer Bark Inc's shares  BARK.N  tumble 12% to
$1.7 before the bell on cutting annual sales outlook
    ** Co now expects FY 23 sales of $530 mln vs. earlier
expectations of $556 mln
    ** Co's outlook downgrade reflects macro pressures on demand
in Bark's toys and treats categories, cuts PT to $7 from $8 -
Jefferies 
    ** BARK reports Q3 loss of 12 cents/shr, bigger than St
estimates of 9 cents/shr
    ** Co implements cost-cutting initiative involving 12%
reduction of workforce, expects to generate $12 mln in annual
cost savings 
    ** All four brokerages rate the stock "buy" or higher; their
median PT is $4.5
    ** Stock had fallen 65% in 2022, and is up 32% YTD as of
last close
 (Reporting by Johann M Cherian in Bengaluru)
 ((johann.mcherian@thomsonreuters.com;))