Birkenstock confirms full year outlook on strong Q3

Birkenstock reported third quarter revenue growth of 19 percent on a reported and constant currency basis to 565 million euros, driven by continued strong and growing consumer demand for its products across all segments, channels and categories.

The company is confirming fiscal 2024 guidance for revenue growth for 20 percent in constant currency and adjusted EBITDA margin of 30 to 30.5 percent and reiterates its medium to long-term profitability objectives for gross profit margin of approximately 60 percent and adjusted EBITDA margin over 30 percent.

Commenting on the financial performance, Oliver Reichert, CEO of Birkenstock Group and member of the company’s board said in a release: “We achieved the highest quarterly revenue in our history, driven by unbreakable and growing demand across all segments, channels and categories.”

The company recorded double-digit revenue growth across all segments including revenue growth of 15 percent in the Americas, 19 percent in Europe and 41 percent in APMA on a constant currency basis.

DTC revenue grew by 14 percent and B2B revenue by 23 percent on a constant currency basis.

Gross profit margin was 59.5 percent, down 220 basis points, net profit of 75 million euros increased by 18 percent and EPS was up 15 percent to 0.40 euros. Adjusted net profit for the quarter of 92 million dollars, was up 14 percent and adjusted EPS of 0.49 euros, rose 11 percent.

The company’s adjusted EBITDA of 186 million euros, was up 15 percent year-over-year and adjusted EBITDA margin of 33 percent, declined 140 basis points.

Birkenstock opened seven new owned stores during the quarter under review, bringing the total number of owned retail stores to 64.