Birkenstock raises annual revenue forecast on strong footwear demand-March 2024-www.financetom.com

Birkenstock raises annual revenue forecast on strong footwear demand

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Birkenstock raises annual revenue forecast on strong footwear demand

May 30, 2024 2:27 AM

May 30 (Reuters) - Birkenstock ( BIRK ) raised its

annual revenue forecast on Thursday, as the German sandal maker

bets on benefits from full-price selling and strong demand for

its closed-toe silhouettes and cork-based sandals.

Wholesale retailers are still stocking up on in-demand

products like Birkenstock ( BIRK ) despite a wider effort to cut back on

inventory due to waning demand for discretionary items such as

footwear.

Demand for Birkenstock's ( BIRK ) sandals and shoes made of cork

also got a boost from Margot Robbie donning a pair of pink

Birkens in the movie "Barbie" last year.

The company now expects fiscal 2024 revenue between 1.77

billion euros ($1.91 billion) and 1.78 billion euros, compared

with its prior forecast of 1.74 billion euros to 1.76 billion

euros.

Birkenstock ( BIRK ) reported quarterly revenue of 481.2 million

euros, compared with market expectations of 466.1 million euros,

according to LSEG data.

($1 = 0.9246 euros)

(Reporting by Ananya Mariam Rajesh in Bengaluru; Editing by

Devika Syamnath)

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