Birkenstock's Q1 revenues grow by 26 percent

Birkenstock’s first quarter revenue of 303 million euros, was up 26 percent on a constant currency basis driven by product category expansion and new production capacity.

The company has confirmed its mid-term profitability objectives to achieve a gross profit margin over 60 percent and an adjusted EBITDA margin in the low thirties.

Commenting on the trading update, Oliver Reichert, CEO of Birkenstock Group and member of the board said in a statement: “Our results for the first quarter of 2024 once again demonstrate the resilience of our business model and the strong sustained demand for our products. Given our engineered distribution model, demand continues to outpace supply in all regions, channels and categories.”

The company’s DTC revenue grew 30 percent on a constant currency and B2B revenue increased by 22 percent.

Birkenstock reported a net loss of 7 million euros, adjusted net profit of 17 million euros, EPS of negative 0.04 euros and adjusted EPS of 0.09 euros. Adjusted pre-tax profit increased by 21 percent to 33 million euros in the fiscal first quarter and adjusted EBITDA increased by 12 percent to 81 million euros.

In the Americas, constant currency revenue grew 19 percent, supported by continued strength in the DTC channel. In Europe, against an overall soft market, total revenue rose 33 percent on a constant currency and in the APMA region, Birkenstock achieved revenue growth of 51 percent on a constant currency basis.