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Company Research18 Apr 2024
Companies That Had Their IPO in 2023: Cautious Optimism
The cautiously optimistic market in 2023 saw stocks rebounded upwards, and interest in IPOs picked up from the previous year.
Birkenstock
Birkenstock (BIRK) investor relations material
Birkenstock Q1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q1 2026 earnings summary12 Feb, 2026
Executive summary
Q1 revenue reached EUR 402 million, up 11% reported and 18% in constant currency, surpassing guidance and driven by strong holiday demand across all segments and channels.
B2B channel outperformed DTC, with B2B up 24% and DTC up 12% in constant currency; both channels delivered double-digit growth.
APAC revenue grew 37% in constant currency, outpacing Americas and EMEA; DTC growth in APAC exceeded B2B.
Net profit rose 151% year-over-year to EUR 51 million; adjusted net profit increased 47% to EUR 49 million; adjusted EPS up 50% to EUR 0.27.
Added 9 new retail stores, ending the quarter with 106 globally, supporting DTC growth.
Financial highlights
Gross profit margin was 55.7%, down 460 bps year-over-year; adjusted gross margin was 57.4%, down 290 bps, mainly due to FX, tariffs, and channel mix.
Adjusted EBITDA was EUR 106 million, up 4% year-over-year; adjusted EBITDA margin was 26.5%, down 170 bps.
Adjusted net profit was EUR 49 million, up 47% year-over-year; net profit increased to EUR 51 million from EUR 20 million in Q1 FY25.
Adjusted EPS was EUR 0.27, up 50% from EUR 0.18 a year ago.
Inventory to sales ratio was 39%, flat year-over-year; DSO increased to 20 from 15 due to higher B2B mix.
Outlook and guidance
FY26 constant currency revenue growth expected at 13%-15%; FX headwinds to reduce reported growth to 10%-12%.
Adjusted gross margin forecasted at 57%-57.5%, including 100 bps each from FX and tariffs.
Adjusted EBITDA expected at least EUR 700 million, with margin of 30%-30.5% (32%-32.5% excluding FX/tariffs).
Adjusted EPS guidance of EUR 1.90-2.05, including 20-50 cents FX pressure.
CapEx planned at EUR 110-130 million; net leverage target of 1.3-1.4x by year-end.
How to mitigate tariff and FX margin headwinds?
How will new capacity support profit per pair?
Explain regional DTC vs B2B growth differences.
How does product allocation optimize channel/geo margins?
New store CapEx payback period and profitability?
What drives customer acceptance of elevated pricing?
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Next Birkenstock earnings date
Q2 202615 May, 2026
Birkenstock
Next Birkenstock earnings date
Q2 202615 May, 2026
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Company Research13 Sep 2023
Two And a Half Centuries of Sandal-Making: Birkenstock is Going Public
Birkenstock, a name synonymous with comfortable and high quality sandals, has a rich history dating back over two and a half centuries. The brand's commitment to its heritage, innovative footbed technology, and comfortable footwear products have propelled it into a global powerhouse in its industry.
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Company Research26 Jun 2023
From Startup to Stardom: What is an IPO?
An Initial Public Offering (IPO) is a momentous event in the life of a company. From early-stage startups to mature businesses, the decision to go public through an IPO is a game-changer. But what does it really mean, and why is it crucial for investors to understand the mechanics of IPOs?
Frequently asked questions
Iconic Sandals
Birkenstock Holding is a German shoe manufacturer producing various forms of sandals and shoes. The corporate headquarters are in Neustadt, Rhineland-Palatinete, and nearly all of the production takes place in Germany, something that Birkenstock as a company takes great pride in. Birkenstock shoes are made with contoured cork footbeds that offer support for the foot while promoting a natural style of walking. While Birkenstock is primarily known for its different types of sandals, the company’s portfolio has a vast array of options for consumers spanning a wide price range. Its merchandise is sold worldwide, and its shares are traded on the NYSE.
The History
The Birkenstock history dates back to 1774, as church records mention a Birkenstock family member as a “parishioner and shoemaker.” However, the beginning of the modern form of the company was in the late 19th century when Konrad Birkenstock started producing insoles. A significant development came in 1902 with the introduction of contoured arch support. This became the basis for the "Birkenstock System," an orthopedic principle focused on the idea of "Naturgewolltes Gehen" or natural walking. This design, mimicking the feel of walking on natural surfaces, has since been a consistent feature in Birkenstock's shoe-making approach.
Further reading: Two And a Half Centuries of Sandal-Making: Birkenstock is Going Public
Sandals and More
Known primarily for their signature sandals, the company has developed a range of footwear products over the decades. Their design is distinguished by a contoured footbed made from cork, latex, and jute which molds to the wearer's foot over time, offering a customized fit. Birkenstocks also incorporate high-quality materials, such as leather, suede, and synthetic uppers, to ensure durability. In addition to its iconic sandals, the brand has expanded its product line to include closed-toe shoes, boots, and other varieties.
A Worldwide Reach
Birkenstock merchandise is sold all over the world. Its shoes can be found in retail locations run by other companies, as well as in stores that are completely owned and operated by Birkenstock itself. The company operates its own online store and also sells through third-party channels such as Zalando, Nordstrom, and similar retailers.
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