Birkenstock (NYSE:BIRK) on Thursday beat holiday quarter revenue expectations, reporting a 22% year-on-year jump, as the German sandal company benefited from higher pricing and rising U.S. demand.
As a newly public company, Birkenstock is still getting into a public reporting rhythm and only just released its fiscal 2023 results and 2024 guidance a little over a month ago. On Thursday, it said it stands by guidance issued then and still expects sales to be between 1.74 billion euros ($1.89 billion) and 1.76 billion euros ($1.91 billion), representing growth of 17% to 18%.
Here’s how the shoemaker did in its first fiscal quarter compared with what Wall Street was anticipating. Earnings per share were nine euro cents adjusted vs. nine euro cents expected
Revenue came in at 302.9 million euros vs. 288.7 million euros expected.
The company reported a net loss of 7.15 million euros ($7.75 million) for the three-month period that ended December 31, or a loss of four euro cents per share. A year earlier, it reported a loss of 9.19 million euros ($9.96 million), or a loss of five euro cents per share. Excluding one time items, Birkenstock reported a profit of 17 million euros ($18.4 million) or nine euro cents per share.
Sales rose to 302.9 million euros ($328.5 million), up 22% from 248.5 million euros ($269.4 million) a year earlier.
Shares in BIRK fell $2.55, or 5%, to $48.68.
