Newly listed Birkenstock beats revenue expectations on higher pricing, U.S. demand
Publishing timestamp: 2024-02-29 11:51:33
Summary
Birkenstock beat revenue expectations in the holiday quarter with a 22% year-on-year jump, benefiting from higher pricing and rising U.S. demand. The company swung to a loss as it worked on expanding production capabilities. Despite a muted debut on the NYSE, the stock has rebounded and is up more than 5% this year. Birkenstock is focusing on growing its direct-to-consumer business and saw strong sales in closed-toe shoes, with DTC sales accounting for 53% of overall revenue. The company's recent growth comes after private equity firm L Catterton acquired a majority stake in 2021 and implemented an aggressive growth strategy.
Sentiment: POSITIVE
Tickers: UNDEFINED, UAA, NKE, VFC,
Keywords: business, breaking news: business, vf corp, nike inc, earnings, business news, retail industry, united states, breaking news: earnings, birkenstock holding plc, under armour inc,
Source: https://www.cnbc.com/2024/02/29/birkenstock-birk-earnings-q1-2024.html