COMPANY FOCUS:COMPANY:BirkenstockFOUNDED:Hammersbach, Germany 1774STOCK DATA:Loading stock data...AVAILABLE FROM:thehipstore.co.uk Birkenstock’s stock price dropped yesterday after weaker than expected sales although overall revenue was up by 19% from the same period last year. If there one’s popping footwear brand at the moment it’s got to be Birkenstock. It seems like every man and his dog are now wearing the German brand’s famous sandal’ silhouettes like the Boston or the Arizona. A footwear style that was once associated with geography teachers has now boomed into an “on trend”, fashionable footwear style tapping into the OG Jordan wearers & Gen Z’ers. However, as much as Birkenstock might be booming right now, stock prices don’t always reflect that with Birkenstock shares falling by 10% yesterday due to weaker Q3 sales than expected. Analysist had predicted slightly higher results, and although overall revenue increased by 19% in Q3 to €565 million, which was up from €437 million in the same period last year, it just wasn’t quite the jump shareholders were expecting. Above: Birkenstock (BIRK) stock price dropped by 10% yesterday after weaker than expected sales growth for Q3 2024. With strong consumer demand and strong sell though from their wholesale partners, Birkenstock’s wholesale revenue grew by 23% as their key accounts looked to cash in on current trends. The increased growth is also partly owed to the popularity of their “closed toe” styles, namely the Boston which has become “a go” to silhouette for the tote bag clad trendsetters. A new production capacity at their Berlin-Szczecin factory was also cited as another positive in the German footwear brands growth. Above: The Birkenstock Boston sandal has become one of the hottest footwear silhouettes of the last few years. Our results for the third quarter of 2024 once again demonstrate the strength of our business model and our ability to achieve the growth and profitability goals we set out for you during our IPO and recent secondary offering roadshow. We achieved the highest quarterly revenue in our history, driven by unbreakable and growing demand across all segments, channels and categories. As a ‘superbrand’ we are gaining the attention of our key retail partners and their consumers, who are becoming increasingly selective and more intentional in their spending. Oliver Reichert, CEO Birkenstock GroupSee alsoNews·August 27, 2024Take A Look Inside The Arc’teryx New York Broadway Store Don’t forget to subscribe to Sneaker Jobs & follow @sneaker_jobs to keep up to date with all the latest industry news.
