- Bark, known for his Super Chewer and BarkBox subscription boxes, announced his formation on Thursday a new partnership with Walmart where its products will be available for purchase in nearly 2,800 retail stores and on walmart.com.
- The company also has added REI as a retail partner recently, building on its existing wholesale network, which includes Target, Costco, Petco, PetSmart, Amazon and others.
- Recent partnerships have pushed the availability of Bark’s products to more than 33,000 physical stores across the United States, CEO Matt Meeker said on an analyst call Thursday evening.
Overview of the dive:
As it grows, Bark is stepping up its wholesale partnerships to help expand its customer base.
In the company’s third quarter, which it also reported on Thursday, Bark’s total revenue rose nearly 34% year-over-year to $140.8 million, driven by a 51.5% increase in commercial revenue to $22.7 million and a 31% increase in direct sales. consumer revenue at $188.1 million.
While DTC still accounts for the majority of Bark’s revenue, Meeker said the company has had “continued success in adding new retail partners.” Like many DTC brands, Bark is increasingly finding value in wholesale as the restrictions on direct-to-consumer sales only become apparent.
In the third quarter, the company added 371,000 active subscriptions during the period, bringing the total number of subscribers to 2.3 million. Bark also achieved a “record” average order value of $31.10, a 7.3% increase over last year. The retailer’s net loss in the quarter narrowed slightly to $13.2 million from about $25 million a year ago.
The company benefited early in the pandemic as consumers invested more in their pets or became owners for the first time. And over the past two years, Bark has gone through changes, including entering the public markets and revamping its C-suite. special purpose acquisition, in order to go public.
Bark last year also announced that Chief Financial Officer John Toth is reportedly stepping down of his role, while appointing Amazon veterinarian Anil Nair as Supply Chain Manager. And the co-founder of Bark Matt Meeker has also reclaimed the role of general manager only 16 months after leaving the post.