Birkenstock: disappointing results and outlook
Buoyed by its expansion in North America, the group saw its sales climb by 16% on a reported basis over its fourth fiscal quarter (+22% at constant exchange rates), to $374.5 million.
This performance, however, fell short of the market consensus, which was targeting quarterly revenues of around $384.5 million.
Another disappointment was Birk's net loss of $28.3 million for the three months to the end of September, compared with a profit of $58 million for the same period last year.
The company explains that it was adversely affected not only by a higher tax charge, but also by the increase in selling expenses linked to the development of its business.
For its new 2023/2024 financial year, which began in October, the company stated that it was aiming for a 17% to 18% increase in annual sales, i.e. a target of between $1.74 and $1.76 billion.
Once again, this target falls short of the forecast made by analysts, who were expecting a figure closer to $1.90 billion.
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