Birkenstock shares jump 10% on Q1 earnings beats, lifted 2024 guidance

Birkenstock Holding (NYSE:) saw its shares pop 10% in premarket trading Thursday after the German shoemaker reported Q2 earnings and revenue that beat analyst expectations and raised full-year guidance.

The company’s earnings per share (EPS) in the quarter came in at EUR 0.38, topping the analyst estimates of EUR 0.35. Revenue rose to EUR 481.2 million, also above the consensus projection of EUR 465.4 million.

Birkenstock’s adjusted EBITDA was reported at EUR 162.3 million, beating the EUR 145.8 million expected by analysts.

Most notably, Birkenstock has revised its FY2024 revenue forecast to EUR 1.77-1.78 billion, compared to the consensus estimate of EUR 1.75 billion. The new revenue forecast projects year-over-year growth of 20% up from the previous guidance range of 17%-18%.

Moreover, Birkenstock now expects 2024 adjusted EBITDA to be in the range of EUR 535 million-545 million, an increase from the prior guidance of EUR 520 million-530 million.

The company also reiterated its medium to long-term profitability goals, aiming for a gross profit margin of around 60% and an adjusted EBITDA margin exceeding 30%.

“Our results for the second quarter of 2024 once again demonstrate the strength of our business model and growing demand for our products,” said Oliver Reichert, CEO of Birkenstock.

“We see strong demand growth in the largely untapped white space areas we have identified across geographies, channels, categories and usage occasions. At the same time, we continue to see very strong growth in our established markets and products.”