Shares of Birkenstock Holding plc (BIRK) plummeted 6.34% in intraday trading on Thursday, February 20, 2025, despite the German footwear maker reporting better-than-expected earnings and revenue for the fiscal first quarter.
Birkenstock posted earnings of 0.18 euros ($0.19) per share for the quarter ended December 31, surpassing analysts' estimates of 0.16 euros. However, revenue of 361.7 million euros ($377.65 million) fell short of the consensus estimate of 356.2 million euros, despite a 19% year-over-year increase.
The company's performance was driven by strong demand for its expensive cork-based sandals and shoes during the holiday season, with double-digit volume growth and mid-single-digit growth in average selling prices. Birkenstock witnessed robust demand for its closed-toe silhouettes and boots, particularly in the Asia-Pacific (APAC) region, where it accelerated store openings and deliveries to B2B partners.
Despite the mixed results, Birkenstock maintained its guidance for fiscal 2025, projecting revenue growth of 15% to 17% at constant currency and an adjusted EBITDA margin between 30.8% and 31.3%. However, analysts view the reiteration as understandable, given it's still early in the year, though the midpoint of the revenue growth range is slightly below consensus estimates.
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