Birkenstock boosts revenue forecast on robust footwear demand
-Birkenstock raised its annual revenue and core profit forecasts on Thursday, as the German sandal maker bets on full-price selling and strong demand for its cork-based sandals and newer closed-toe shoes, sending its shares up 6% premarket.Analysts expect easing inflation, mainly in the United States, to spur demand for Birkenstock's high-end footwear as customers become more willing to spend.
The company now expects fiscal 2024 revenue between 1.77 billion euros and 1.78 billion euros, compared with its prior forecast of 1.74 billion euros to 1.76 billion euros. It forecast annual adjusted earnings before interest, taxes, depreciation, and amortization between 535 million euros and 545 million euros, up from 520 million euros to 530 million euros expected earlier.
The sandal maker's second-quarter revenue rose 21.6% to 481.2 million euros, compared with analysts' estimates of 466.1 million euros, according to LSEG data.Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors.
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