NEW YORK - BARK (NYSE: BARK), known for its dog-centered products and services and showing impressive momentum with a 165.67% year-to-date return according to InvestingPro, announced today an expansion of BARK Air, its unique air travel experience for dogs and their owners. In partnership with Air Wisconsin, BARK Air will begin offering flights on larger aircraft with fares under $1,000, starting in February 2025. The new service will connect New York City with Miami/Fort Lauderdale, responding to high consumer demand for dog-friendly winter travel options.
The expanded service will utilize CRJ-200 aircraft, doubling the capacity of previous flights and continuing to provide the "white paw" service BARK is known for. This move is part of BARK's long-term strategy to make pet-friendly air travel more accessible and affordable without sacrificing quality. The company's strong financial position, with a healthy current ratio of 2.42 and impressive gross profit margins of 61.95% as reported by InvestingPro, supports this expansion initiative.
BARK's CEO, Matt Meeker, expressed pride in the company's journey since May 2024, when BARK Air first took to the skies. He emphasized the significance of the collaboration with Air Wisconsin in meeting customer needs and expanding the service to a larger number of passengers at reduced prices.
Passengers interested in the BARK Air experience can book their flights online. A dedicated flight concierge will assist with the onboarding process for each dog passenger. Air Wisconsin will handle the operational aspects, including crew, maintenance, and insurance, to ensure safe and smooth travel.
Since its launch, BARK Air has aimed to revolutionize air travel for pet owners, offering premium services to destinations like Los Angeles, New York, London, and Paris. For more details and to book upcoming flights, customers can visit the BARK Air booking page.
BARK, established in 2011, has been dedicated to enhancing the lives of dogs through its products and services. The company operates through various channels, including its BarkBox and Super Chewer subscription services, retail partnerships, and now BARK Air, which is the first of its kind tailored specifically for dogs and their owners.
This expansion announcement is based on a press release statement from BARK, and it contains forward-looking statements that involve risks and uncertainties. The company's actual future performance may differ from these projections. While BARK shows strong momentum with a 50.7% price return over the past six months, InvestingPro analysis reveals additional insights through its comprehensive Pro Research Report, available alongside 12+ exclusive ProTips and detailed financial metrics for subscribers. For more information on BARK's risks and business outlook, interested parties can consult the company's quarterly report on Form 10-Q or visit the investor relations section of BARK's website.
In other recent news, Bark Inc. has seen significant developments. The company's recent earnings report showed a year-over-year revenue increase of 2.5% to $126.1 million, marking the first time the company has experienced revenue growth in two years. This growth was largely driven by a 26% increase in the commerce segment, contributing $23.5 million to the total revenue.
Investment firm Jefferies has raised its price target on Bark Inc. shares to $3 from the previous target of $2.08, maintaining a buy rating. The firm's adjustment follows Bark's strong quarter, which demonstrated improvements in revenue and EBITDA. Jefferies highlighted Bark Inc.'s expanding retail presence as a significant contributor to the company's success.
In addition to these financial highlights, Bark Inc. reported its highest ever consolidated gross margin at 60% and an adjusted EBITDA of $3.5 million. The company also maintains a strong cash position with $115 million on hand, indicating a solid foundation for future investments and growth.
In terms of future developments, Bark Inc. is transitioning to Shopify (NYSE:SHOP) and projects full-year revenue to be between $490 million and $500 million. The company anticipates the commerce segment to grow by at least 30% in fiscal '25 and represent over one-third of total revenue in the next 3-4 years.
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