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Birkenstock Holdings PLC (NYSE:BIRK) reported revenue rose 22% on a reported basis in FQ2 and was up 23% on a constant currency basis.
The company pointed to strong double-digit revenue growth across all segments, including revenue growth of 21% in the Americas on a constant currency basis, 21% in Europe, and 42% in APMA. Top-line growth was noted to be the result of strong consumer demand supported by new production capacity and category expansion. Revenue growth benefited from increased sales of closed-toe silhouettes, which increased to over 25% of total revenue compared to the high-teens a year ago.
The company reported an adjusted net profit of €72 million for the quarter. Adjusted EPS was €0.41, which was flat from a year ago due to higher depreciation and amortization from recent capital investments and an IPO-related share increase. Adjusted EBITDA increased by 7% during the quarter to €162 million.
Birkenstock (BIRK) opened 6 new owned stores during the quarter to bring the total number of owned retail stores in operation to 57.
Looking ahead, Birkenstock (BIRK) said it will continue to invest in increased production capacity to better meet the increasing consumer demand for its products and expand in white-space markets. Birkenstock (BIRK) now expects fiscal 2024 reported revenue of €1.77 billion to €1.78 billion, reflecting overall revenue growth of approximately 19% on a reported basis and 20% on a constant currency basis. The new guidance was a lift from the prior outlook for fiscal year 2024 reported revenue of €1.74 billion to €1.76 billion.
Shares of Birkenstock (BIRK) rallied 11.26% in premarket trading to $55.62, which marks a new all-time high for the stock.
