BARK Co-Founder and Executive Chairman Matt Meeker to Become Chief Executive Officer
NEW YORK–(COMMERCIAL THREAD) – BARK, Inc. (NYSE: BARK) (“BARK”), a leading global omnichannel brand for dogs and their people, today announced that Matt Meeker, Co-Founder and Executive Chairman of BARK, will become President -director general, effective immediately. Mr. Meeker served as Managing Director of BARK for nine years after its inception in 2011. Outgoing Managing Director Manish Joneja informed the Board of Directors of his wish to step down in order to remain closer to his family at Seattle. and will serve as an advisor to the company until April 2022 to ensure a smooth transition.
BARK also reported preliminary third quarter 2022 revenue of $ 140.0 million, an increase of 33.1% over the same period last year. BARK previously provided a third quarter tax forecast of $ 137 million to $ 139 million. In the first three quarters of fiscal 2022, BARK’s revenue increased by approximately 41.8% to $ 377.8 million, compared to the same period of fiscal 2021.
“I look forward to taking over the role of CEO and building on the momentum Manish and the talented team at BARK have built, ”said Matt Meeker, Co-Founder and Executive Chairman of BARK. “I believe the next few years will be transformative for BARK as we leverage our scale and our brand to grow our footprint in areas like food and health, initiatives that I am personally passionate about.
Mr. Meeker continued: “Our strong holiday season and strong results underscore our brand power and our unique value proposition as one of the largest natively vertically and digitally integrated dog companies in the world today. Everyone at BARK would like to thank Manish for his many important contributions to our mission of making all dogs happy and we wish him the best.
Mr Joneja added: “It has been a privilege to lead BARK in their commitment to making all dogs happy. I had the honor to join forces with the visionary founders of BARK, the Board of Directors and many talented members of the team. We have built an incredible team that strongly positions BARK to capitalize on the great opportunities ahead. It was a tough decision but one that was the best for my family and allowed me to stay on the West Coast. I have no doubts that I am leaving the company in good hands.
As previously announced, the company will be participating in a fireside chat at the upcoming ICR conference, which will be held virtually on Tuesday, January 11, 2022 at 10:00 a.m. EST. Matt Meeker will attend the event, which will be webcast live and accessible at https://investors.bark.co/. An online archive will be available for a period of 90 days after the fireside chat.
The preliminary financial results provided above are based on the Company’s current estimate of its revenue for the third quarter of fiscal 2022 and remain subject to change based on the completion of the quarter’s financial review and the ” execution of internal controls and financial reports.
BARK intends to release its full third quarter 2022 financial results in February 2022.
BARK is the most dog-centric company in the world, dedicated to making dogs happy with the best products, services and content. BARK’s dog-obsessed team apply their unique, data-driven understanding of what makes every dog special to design playstyle-specific toys, hugely satisfying treats, personalized meal plans and supplements, and dog-centric experiences that promote healthy and happy dogs everywhere. Founded in 2012, BARK faithfully serves dogs across the country with subscriptions to themed toys and treats, BarkBox and BARK Super Chewer; collections of personalized products through its network of retail partners, including Target and Amazon; its high quality personalized nutrition and meal plans with BARK Eats; and health and wellness products that meet the needs of dogs with BARK Bright®. At BARK we want to make dogs as happy as they make us because dogs and humans are better together. Sniff on bark.co for more information.
This press release contains forward-looking statements relating, among other things, to the future performance of BARK which are based on the current expectations, forecasts and assumptions of the company and involve risks and uncertainties. In some cases, you can identify forward-looking statements by words such as “may”, “will”, “should”, “could”, “expect”, “plan”, “anticipate”, “believe”, “” Foresee “,” intend “,” potential “,” continue “,” in progress “or the negative of these terms or other comparable terminology. These statements include, without limitation, statements about future operating results, including our strategies, plans, commitments, objectives and goals. Actual results could differ materially from those predicted or implied and reported results should not be taken as an indication of future performance. Other factors that could cause or contribute to such differences include, but are not limited to, risks relating to the uncertainty of the projected financial information relating to BARK; the risk that pet expenses will not increase at projected rates; that BARK subscriptions cannot increase their spending with BARK; BARK’s ability to continue to convert social media followers and contacts into customers; BARK’s ability to successfully expand its product lines and distribution channels; competetion; the uncertain effects of the COVID-19 pandemic.
More information on factors that could affect BARK’s operating results is included under the headings “Risk Factors” and “”Management’s Discussion and Analysis of Financial Condition and Results of Operations ”in the company’s most recent Quarterly Report on Form 10-Q, copies of which can be obtained by visiting the company’s investor relations website at address https://investors.bark.co/ or the SEC website at www.sec.gov. Do not place undue reliance on any forward-looking statements contained in this press release, which are based on information available to the company as of the date hereof. The company assumes no obligation to update these statements.