Birkenstock London, $170
Birkenstock Increases Revenue and Profit in Q3
German shoemaker Birkenstock's revenue rose 3% to €2024 million in the third quarter of 19, compared with €565 million in the same period last year. Net income was €473 million, or 74,6 cents per share, in the quarter, compared with €40 million, or 63,1 cents per share, in the year-earlier period. The results were below analysts' expectations of €35 million in revenue and 566 cents per share. As a result, Birkenstock Holding's shares on the New York Stock Exchange fell more than 51%.
But despite the disappointment of investors, the company itself is pleased with the results for the quarter and notes the increased interest of a younger audience of consumers in the brand. And also points to the peculiarity of the behavior of the new generation of adherents of the Birkenstock brand - these consumers prefer to make purchases in traditional retail.
Birkenstock Group CEO Oliver Reichert said the company saw a “noticeable shift” toward in-person shopping during the quarter, with traffic to its own stores and sales from wholesale partners growing. The brand’s own global retail network includes 64 stores. This channel is supported by an extensive network of wholesale outlets.
Reichert described Birkenstock’s younger consumer base as “a new demographic that’s really embracing our brand. Even though some styles have been around for 50 years, it’s new to them. And they’re obviously digitally savvy. But the data shows that even though 80 percent of their purchasing decisions are based on online information, they tend to shop primarily in traditional multi-brand stores.” Retail sales at the brand’s own stores grew more than 60 percent in the period, driven by “strong sales of closed-toe and premium products.”
It is noted that the company's revenue growth was due to an increase in sales of closed-toe shoe models; sales of these models grew more than twice as compared to the brand's average.
At the same time, sales of Birkenstock's core models continue to show very good dynamics. Revenue from the company's five core shoe models, most of which have been around for about 50 years, grew by 24% in the third quarter.
The CEO of Birkenstock Group also noted that the company is aiming to conquer a new region for itself, which includes the Asia-Pacific region, the Middle East and Africa, and has already begun to actively promote the brand, talk about the functional features of Birkenstock shoes in this global market.
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German shoe company Birkenstock's revenue in the third quarter of 3 increased by 2024% to 19 million euros, compared to 565 million euros in the same period last year. Net profit…
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