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Birkenstock posts marginal sales miss as consumers cut back on spending
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Birkenstock posts marginal sales miss as consumers cut back on spending
Aug 29, 2024 2:37 AM

Aug 29 (Reuters) - Birkenstock ( BIRK ) marginally

missed expectations for third-quarter revenue on Thursday as

customers held back from spending on pricey footwear, such as

the German sandalmaker's cork-based shoes, amid high costs of

living.

Amid signs of easing inflation, consumers are still thinking

twice before splurging on pricey items as still-high rental and

borrowing costs make people continue to be careful with their

spending.

Birkenstock's ( BIRK ) third-quarter gross profit margin of 59.5% was

down 220 basis points from 61.7% a year ago due to the

temporary impact of capacity expansion.

The company reported quarterly revenue of 564.8 million

euros ($626.1 million), compared with analysts' estimates of

565.2 million euros, according to LSEG data.

($1 = 0.9021 euros)

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