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Birkenstock Holding plc (NYSE: BIRK) is a world-renowned manufacturer and retailer of premium footwear and lifestyle products. With a legacy dating back to 1774, the company emphasizes proper foot health through its innovative footbed-based products. Headquartered in London, the United Kingdom, Birkenstock offers a range of products including sandals, closed-toe silhouettes, skincare items, and accessories for men, women, and children.
The company operates across four primary regions: the Americas, Europe, the Asia Pacific, the Middle East, and Africa (APMA). Birkenstock's business model divides its sales channels into business-to-business (B2B) and direct-to-consumer (DTC). Notably, the DTC segment has seen significant growth, contributing to a 29% increase in revenue on a constant currency basis in fiscal 2023.
In its latest financial report for the fiscal year ending September 30, 2023, Birkenstock posted revenues of EUR 1.492 billion, up 20% compared to the previous year. This growth is attributed to a 6% increase in unit sales and a 14% rise in average selling prices. The company's strong performance across all regions and channels has made fiscal 2023 its most successful year, achieving a CAGR of 20% in revenues over the past decade, with an Adjusted Gross profit margin of over 60% and an Adjusted EBITDA margin of over 30%.
Birkenstock's robust financial health is underlined by a net profit of EUR 75 million and an Adjusted Net profit of EUR 207 million for fiscal 2023. The company has also reported substantial cash flows from operating activities amounting to EUR 359 million, a 53% increase from the prior year.
Recent news highlights include Birkenstock's continued expansion in production capacity to meet growing consumer demand and strategic investments in white-space markets. The company has also undertaken significant refinancing efforts to optimize its balance sheet, reducing its net leverage to below 2.5 times post-IPO.
Birkenstock's product portfolio extends beyond footwear to include sleep systems and natural cosmetics, reinforcing its commitment to a conscious and active lifestyle. The brand's timeless appeal and dedication to quality and tradition make it a leader in the global market.
Birkenstock (NYSE:BIRK) reported strong fiscal 2024 results with revenue reaching EUR 1.8 billion, representing 21% growth (22% constant currency), exceeding guidance of 20%. The company achieved double-digit growth across all segments: Americas (19%), Europe (21%), and APMA (42%).
Key financial highlights include: Adjusted EBITDA of EUR 555 million (+15% YoY) with a margin of 30.8%, net profit of EUR 192 million (+155% YoY), and EPS of EUR 1.02 (+149% YoY). Gross profit margin decreased to 58.8% due to production capacity expansion and channel mix shifts.
For fiscal 2025, Birkenstock projects revenue growth of 15-17% in constant currency and targets an Adjusted EBITDA margin of 30.8-31.3%. The company plans approximately EUR 80 million in capital expenditures and aims for a net leverage ratio of 1.5x.
Birkenstock (NYSE:BIRK) has scheduled its fourth quarter and full fiscal year 2024 financial results announcement for December 18, 2024, before US market open. The company will host a conference call and live webcast at 8:00 a.m. Eastern Time on the same day. Investors can access the webcast through Birkenstock's Investor Relations website, or join via phone using specific dial-in numbers for US and International participants. A replay of the call will be available afterward with provided access codes.
Birkenstock Holding plc (NYSE:BIRK) has announced its participation in three upcoming investor conferences in September 2024. The company's senior management will be present at the Goldman Sachs Global Retailing Conference in New York City on September 5th, the J.P. Morgan 15th Annual U.S. All-Stars Conference in London on September 17th, and the UBS Athletic Training and Lifestyle Innovation Day and 5K in Boston on September 25th.
Investors interested in attending these events should contact their representatives at the respective banks. Presentation materials will be made available on the Investor Relations section of Birkenstock's website.
Birkenstock (NYSE:BIRK) reports record third quarter revenue of EUR 565 million for fiscal 2024, up 19% year-over-year. The company saw strong growth across all segments: Americas (+15%), Europe (+19%), and APMA (+41%). B2B revenue grew 23%, while DTC revenue increased 14%. Despite the growth, gross profit margin decreased to 59.5% from 61.7% due to production capacity expansion and increased B2B share. Net profit rose 18% to EUR 75 million, with EPS up 15% to EUR 0.40. The company confirms its fiscal 2024 guidance for 20% revenue growth and an Adjusted EBITDA margin of 30-30.5%. Birkenstock continues to invest in production capacity and retail expansion, opening 7 new owned stores in Q3.
Birkenstock Holding plc (NYSE:BIRK) has announced the date for its third quarter 2024 financial results release and conference call. The company will report its results for the quarter ended June 30, 2024, on Thursday, August 29, 2024, before the US market opens. A conference call and live webcast with the investment community will be held at 8:00 a.m. Eastern Time on the same day.
Investors can access the webcast through the company's Investor Relations website. For those joining via phone, the dial-in numbers are 1-888-506-0062 (US) and 1-973-528-0011 (International), with access code 344410. A replay will be available after the call, accessible by dialing 1-877-481-4010 (US) or 1-919-882-2331 (International), using access code 50923. An archive of the webcast will also be available on Birkenstock's Investor Relations website.
Birkenstock Holding announced the pricing of a $756 million secondary offering comprising 14,000,000 ordinary shares at $54.00 per share. The shares are being sold by BK LC Lux MidCo S.à r.l., affiliated with L Catterton, not by Birkenstock itself. The Selling Shareholder has given underwriters a 30-day option to buy an additional 2,100,000 shares. The offering's closing is expected on June 28, 2024, subject to customary conditions. Goldman Sachs and J.P. Morgan are leading the offering, with other major financial institutions participating. Birkenstock will not receive any proceeds from this sale.
Birkenstock Holding plc (NYSE:BIRK) announced the start of a secondary public offering of 14,000,000 ordinary shares. The shares are being sold by BK LC Lux MidCo S.à r.l., affiliated with L Catterton, and not by Birkenstock itself. The selling shareholder has sole voting power over 9,880,814 shares and shared power over 4,119,186 shares with Birkenstock's executives and employees. An option to purchase an additional 2,100,000 shares within 30 days has been granted to underwriters. Post-offering, the selling shareholder will hold 73.2% of Birkenstock’s outstanding shares. The net proceeds will primarily be used by executives and employees to pay taxes and loans related to the IPO and this offering. Goldman Sachs and J.P. Morgan are acting as lead book-running managers. The offering is subject to market conditions.
Birkenstock Holding plc (NYSE:BIRK) announces that senior management will participate in two investor conferences in June 2024. The first is the Baird Global Consumer, Technology & Services Conference on June 5th in New York City, where they will present at 12:50 p.m. Eastern Time. The second is the 4th Annual Evercore ISI Consumer & Retail Conference on June 12th, held virtually, with a presentation at 11:45 a.m. Eastern Time. Interested parties should contact the respective banks to attend. Presentation materials will be available on the company's investor relations website.
Birkenstock reported a record second quarter for fiscal 2024, with a revenue increase of 23% year-over-year, driven by strong consumer demand across all segments. The company raised its full-year revenue growth guidance to 20%. Financial highlights include revenue of EUR 481 million, a net profit of EUR 72 million, and an adjusted EBITDA of EUR 162 million. Despite strong revenue growth, gross profit margin fell to 56.3% due to production expansion costs and wage adjustments. The company continues to invest in production capacity and opened 11 new stores globally. Cash flow from operations dropped to EUR 50 million, attributed to higher trade receivables. Birkenstock also announced a refinancing plan, which includes early loan repayment.
Birkenstock Holding has signed a new term loan and revolving credit facilities agreement with nine banks for loans and commitments totaling EUR 850 million. This will refinance existing term loans and replace the undrawn Asset Based Lending (ABL) facility with a new revolving credit facility (RCF). The new arrangement will reduce the outstanding term loans by approximately USD 50 million, showcasing Birkenstock's strong liquidity and commitment to reducing debt. The company expects mid-single-digit million EUR yearly savings in credit margins and streamlined lender relationship management.
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