Birkenstock FY23 revenues grow by 20 percent

For fiscal year 2023, Birkenstock reported revenues of 1.4 billion euros, up 20 percent compared to fiscal year 2022 on a reported and constant currency basis.

The company’s fourth quarter revenues grew by 16 percent on a reported and 22 percent on a constant currency basis.

Commenting on the company’s performance, Oliver Reichert, CEO of Birkenstock Group said: “The past year has been the most successful year in our 250 year long tradition, and we entered our first year as a publicly listed company shortly thereafter. For fiscal year 2024 we are confident to further grow our business by tapping significant addressable geographic, category extension and distribution white space.”

Birkenstock reports strong full year results

The company’s full year revenue growth was driven by both unit growth of 6 percent and an increase in the average selling price (ASP) growth of 14 percent.

Birkenstock reported an increase in DTC revenues of 29 percent on a constant currency basis, resulting in an expansion of DTC penetration by 200 basis points to 40 percent.

The company recorded a net profit of 75 million euros, adjusted net profit of 207 million euros, EPS of 0.41 euros and pro-forma adjusted EPS of 1.10 euros. Adjusted EBITDA increased by 11 percent to 483 million euros in fiscal year 2023, which translates into an adjusted EBITDA margin of 32.4 percent.

The company achieved a CAGR of 20 percent in revenues for the past decade, an adjusted gross profit margin of over 60 percent, and an adjusted EBITDA margin of over 30 percent.

Birkenstock records growth across regions and channels

In the Americas region, Birkenstock achieved 21 percent revenue growth in fiscal year 2023 on a reported and 20 percent on a constant currency basis, making the region the largest contributor to overall revenue growth in absolute terms.

Europe delivered 18 percent revenue growth on a reported as well as on a constant currency basis. The APMA region delivered the highest growth in relative terms at 24 percent on a reported and 27 percent on a constant currency basis with China and India as key growth drivers.

In the fourth quarter, Birkenstock reported a growth in B2B revenues in the Americas of 61 percent on a reported and 73 percent on a constant currency basis compared to the quarter ended September 30, 2022.

Birkenstock forecasts strong revenue growth for FY24

Birkenstock expects revenues to be in the range of 1.74 billion euros to 1.76 billion euros on a constant currency basis, reflecting overall revenue growth of 17 percent to 18 percent compared to fiscal year 2023 with all segments and channels contributing to revenue growth.

The company expects adjusted EBITDA of 520 million euros to 530 million euros on a constant currency basis, resulting in an adjusted EBITDA margin of approximately 30 percent.

Long-term, Birkenstock expects an adjusted EBITDA margin in the low thirties with slight variations based on its investments.