[Financial & Operational Highlights](index=1&type=section&id=Financial%20%26%20Operational%20Highlights) This section summarizes BIRKENSTOCK's strong fiscal 2024 performance, robust Q4 results, and positive outlook for fiscal 2025 [Fiscal Year 2024 Performance Summary](index=1&type=section&id=Fiscal%20Year%202024%20Performance%20Summary) BIRKENSTOCK reported strong fiscal 2024 results, with revenue and Adjusted EBITDA exceeding guidance, driven by robust consumer demand across all segments and channels - Fiscal 2024 revenue growth of **21%** (**22% constant currency**) exceeded the company's guidance of 20% Adjusted EBITDA margin of **30.8%** also surpassed the targeted range of 30-30.5%[1](index=1&type=chunk) - Strong double-digit constant currency revenue growth was observed across all segments: Americas (**19%**), Europe (**21%**), and APMA (**42%**)[3](index=3&type=chunk) Fiscal Year 2024 Key Financial Metrics (vs. FY 2023) | Metric | FY 2024 | FY 2023 | Change | | :--- | :--- | :--- | :--- | | Revenue | EUR 1.8B | EUR 1.49B | +21% | | Gross Profit Margin | 58.8% | 62.1% | -330 bps | | Net Profit | EUR 192M | EUR 75M | +155% | | EPS | EUR 1.02 | EUR 0.41 | +149% | | Adjusted Net Profit | EUR 240M | EUR 207M | +16% | | Adjusted EPS | EUR 1.28 | EUR 1.13 | +13% | | Adjusted EBITDA | EUR 555M | EUR 483M | +15% | | Adjusted EBITDA Margin | 30.8% | - | - | [Fourth Quarter (Q4) 2024 Performance Summary](index=2&type=section&id=Fourth%20Quarter%20(Q4)%202024%20Performance%20Summary) In Q4 2024, the company maintained strong momentum with revenue increasing by 22% to EUR 456 million and net profit significantly improving to EUR 52 million Q4 2024 Key Financial Metrics (vs. Q4 2023) | Metric | Q4 2024 | Q4 2023 | Change | | :--- | :--- | :--- | :--- | | Revenue | EUR 456M | EUR 375M | +22% | | Gross Profit Margin | 59.0% | 65.4% | -640 bps | | Net Profit / (Loss) | EUR 52M | EUR (28)M | N/A | | EPS | EUR 0.28 | EUR (0.15) | N/A | | Adjusted Net Profit | EUR 55M | EUR 25M | +118% | | Adjusted EPS | EUR 0.29 | EUR 0.14 | +107% | | Adjusted EBITDA | EUR 125M | EUR 96M | +31% | | Adjusted EBITDA Margin | 27.4% | 25.5% | +190 bps | - The significant **640 bps decline in Q4 gross margin** was primarily due to a prior-year quarter that was elevated by non-cash adjustments (approx. 450 bps), with the remaining decline from under-absorption, channel mix, and currency impacts[5](index=5&type=chunk) [Fiscal Year 2025 Guidance](index=2&type=section&id=Fiscal%20Year%202025%20Guidance) For fiscal year 2025, BIRKENSTOCK projects continued growth, forecasting a 15-17% increase in constant currency revenue and a slight expansion in Adjusted EBITDA margin FY 2025 Financial Outlook | Metric | Guidance | | :--- | :--- | | Revenue Growth (Constant Currency) | 15-17% | | Adjusted EBITDA Margin | 30.8% - 31.3% | | Gross Profit Margin | Improvement towards 60% | | Capital Expenditures | Approx. EUR 80M | | Effective Tax Rate | Approx. 30% | | Net Leverage Ratio Target | Approx. 1.5x | [Detailed Performance Review (Fiscal 2024)](index=3&type=section&id=Detailed%20Performance%20Review%20(Fiscal%202024)) This section provides an in-depth review of fiscal 2024 performance, detailing revenue drivers, channel and segment growth, and balance sheet improvements [Revenue and Channel Performance](index=3&type=section&id=Revenue%20and%20Channel%20Performance) Fiscal 2024 revenue of EUR 1.8 billion was driven by a 14% increase in pairs sold and an 8% rise in Average Selling Price, supported by a favorable product mix and strong growth across B2B and DTC channels - Top-line growth was driven by a **14% increase in pairs sold** and an **8% increase in Average Selling Price (ASP)** on a constant currency basis[6](index=6&type=chunk) - Sales of closed-toe silhouettes grew at over twice the group average, increasing their share of the business to approximately **one-third**[6](index=6&type=chunk) - **B2B revenue grew 23%** (constant currency), with over 90% of this growth from existing retail partners DTC revenue grew **21%** (constant currency), maintaining a penetration rate of approximately **40%** The company opened **20 new owned stores**, bringing the total to 67[7](index=7&type=chunk) [Segment Performance](index=3&type=section&id=Segment%20Performance) The company achieved broad-based, double-digit revenue growth across all geographic segments in fiscal 2024, with the APMA region leading with exceptional growth of 42% - Americas: Revenue grew **19%** (constant currency), with particularly strong B2B performance driven by key wholesale partners expanding their offerings[8](index=8&type=chunk) - Europe: Revenue increased by **21%** (constant currency), reflecting market-leading growth and share gains across the region in both B2B and DTC channels[9](index=9&type=chunk) - APMA: Achieved the highest growth with a **42% revenue increase** (constant currency), fueled by expanded physical presence and new online stores in Singapore, Malaysia, and the Philippines[10](index=10&type=chunk) [Capital Investment and Balance Sheet](index=3&type=section&id=Capital%20Investment%20and%20Balance%20Sheet) In fiscal 2024, BIRKENSTOCK invested EUR 74 million in capital expenditures, mainly to expand production capacity, and significantly strengthened its balance sheet by reducing net leverage to 1.8x - The company invested **EUR 74 million in capital expenditures**, primarily for expanding production capacity and its own-retail footprint[11](index=11&type=chunk) - Net leverage was reduced to **1.8x LTM EBITDA** as of September 30, 2024, a significant improvement from the previous year[4](index=4&type=chunk)[12](index=12&type=chunk)[39](index=39&type=chunk) - The company made net repayments of **EUR 662 million** on outstanding loans during the fiscal year and ended with **EUR 356 million** in cash and cash equivalents[12](index=12&type=chunk)[28](index=28&type=chunk) [Corporate Updates](index=4&type=section&id=Corporate%20Updates) This section outlines upcoming changes to the company's segment reporting structure effective fiscal year 2025 [Change in Segment Reporting](index=4&type=section&id=Change%20in%20Segment%20Reporting) Effective from the first quarter of fiscal 2025, BIRKENSTOCK will modify its segment reporting structure, reconfiguring the APMA segment into new EMEA and APAC segments - The company is changing its segment reporting structure starting in **Q1 FY2025**[14](index=14&type=chunk) - The new reporting segments will be: **EMEA** (Europe combined with the Middle East and Africa), **APAC** (Asia Pacific countries combined with India), and **Americas** (no change)[15](index=15&type=chunk) - The company will issue a 6-K with a recast of fiscal 2024 and 2023 quarterly results to align with the new structure before the Q1 2025 earnings release[14](index=14&type=chunk) [Financial Statements & Reconciliations](index=8&type=section&id=Financial%20Statements%20%26%20Reconciliations) This section presents the consolidated financial statements for fiscal 2024 and reconciliations of key non-IFRS financial measures [Consolidated Statements of Profit](index=8&type=section&id=Consolidated%20Statements%20of%20Profit) Presents the company's revenues, costs, and profits for fiscal year 2024 and the fourth quarter of 2024, with comparisons to the corresponding prior-year periods Consolidated Statements of Profit (In thousands of Euros) | | Year ended Sep 30, 2024 | Year ended Sep 30, 2023 | Three months ended Sep 30, 2024 | Three months ended Sep 30, 2023 | | :--- | :--- | :--- | :--- | :--- | | **Revenue** | **1,804,690** | **1,491,911** | **455,764** | **374,543** | | Gross profit | 1,060,677 | 925,793 | 268,724 | 244,957 | | Profit (loss) from operations | 421,082 | 260,688 | 97,529 | 25,107 | | **Net profit (loss)** | **191,602** | **75,022** | **52,465** | **(28,287)** | | **EPS Basic** | **1.02** | **0.41** | **0.28** | **(0.15)** | [Consolidated Statements of Financial Position](index=9&type=section&id=Consolidated%20Statements%20of%20Financial%20Position) Details the company's assets, liabilities, and shareholders' equity as of September 30, 2024, compared to the prior year, showing stable total assets and decreased total liabilities Condensed Consolidated Statements of Financial Position (In thousands of Euros) | | September 30, 2024 | September 30, 2023 | | :--- | :--- | :--- | | **Total assets** | **4,884,939** | **4,827,470** | | Total non-current assets | 3,721,659 | 3,746,924 | | Total current assets | 1,163,280 | 1,080,546 | | **Total liabilities** | **2,259,920** | **2,426,882** | | Total non-current liabilities | 1,812,027 | 2,048,300 | | Total current liabilities | 447,893 | 378,582 | | **Total shareholders' equity** | **2,625,019** | **2,400,588** | [Consolidated Statements of Cash Flows](index=10&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Outlines cash flows from operating, investing, and financing activities for fiscal 2024, showing increased net cash from operating activities and significant financing outflows due to loan repayments Consolidated Statements of Cash Flows (In thousands of Euros) | | Year ended Sep 30, 2024 | Year ended Sep 30, 2023 | | :--- | :--- | :--- | | Net cash flows provided by operating activities | 428,701 | 358,733 | | Net cash flows (used in) investing activities | (58,796) | (100,733) | | Net cash flows (used in) financing activities | (355,045) | (199,285) | | **Net increase (decrease) in cash** | **14,860** | **58,715** | | Cash and cash equivalents at end of period | 355,843 | 344,407 | [Reconciliation of Non-IFRS Measures](index=11&type=section&id=Reconciliation%20of%20Non-IFRS%20Measures) This section provides reconciliations from IFRS measures to the non-IFRS measures used by management for performance evaluation, including detailed breakdowns for constant currency revenue, Adjusted Net Profit, Adjusted EBITDA, and Net Leverage [Revenue Reconciliation](index=11&type=section&id=Revenue%20Reconciliation) FY 2024 Revenue by Channel & Segment (Constant Currency Growth) | Category | Revenue (EUR M) | Constant Currency Growth | | :--- | :--- | :--- | | **By Channel** | | | | B2B | 1,083.7 | 23% | | DTC | 716.7 | 21% | | **By Segment** | | | | Americas | 943.7 | 19% | | Europe | 644.9 | 21% | | APMA | 211.8 | 42% | | **Total Revenue** | **1,804.7** | **22%** | [Adjusted Net Profit Reconciliation](index=12&type=section&id=Adjusted%20Net%20Profit%20Reconciliation) Reconciliation of Net Profit to Adjusted Net Profit (In thousands of Euros) | | Year ended Sep 30, 2024 | Year ended Sep 30, 2023 | | :--- | :--- | :--- | | **Net profit (loss)** | **191,602** | **75,022** | | Share-based compensation | 3,591 | 65,393 | | IPO-related costs | 7,460 | 30,603 | | Realized and unrealized FX gains / losses | 19,641 | 36,056 | | Release of capitalized transaction costs | 26,858 | - | | Other Adjustments | (9,821) | (1,220) | | **Adjusted Net profit (loss)** | **240,331** | **207,153** | [Adjusted EBITDA & Net Leverage Reconciliation](index=13&type=section&id=Adjusted%20EBITDA%20%26%20Net%20Leverage%20Reconciliation) Reconciliation of Net Profit to Adjusted EBITDA (In thousands of Euros) | | Year ended Sep 30, 2024 | Year ended Sep 30, 2023 | | :--- | :--- | :--- | | **Net profit (loss)** | **191,602** | **75,022** | | Income tax expense | 102,180 | 78,630 | | Finance cost, net | 127,300 | 107,036 | | Depreciation and amortization | 101,291 | 83,413 | | **EBITDA** | **522,373** | **344,101** | | Adjustments | 32,582 | 138,605 | | **Adjusted EBITDA** | **554,955** | **482,706** | Net Leverage Calculation | | Sep 30, 2024 | Sep 30, 2023 | | :--- | :--- | :--- | | Net debt (EUR M) | 1,006.1 | 1,608.7 | | Adjusted EBITDA (LTM, EUR M) | 555.0 | 482.7 | | **Net leverage** | **1.8x** | **3.3x** | [Supplementary Information](index=5&type=section&id=Supplementary%20Information) This section provides important disclaimers regarding forward-looking statements, explanations of non-IFRS measures, and details for the upcoming earnings conference call [Forward-Looking Statements & Non-IFRS Disclosures](index=6&type=section&id=Forward-Looking%20Statements%20%26%20Non-IFRS%20Disclosures) This section contains standard cautionary language regarding forward-looking statements and explains the company's use of non-IFRS financial measures for performance assessment - The press release contains forward-looking statements, including the fiscal 2025 outlook, which are subject to various risks and uncertainties[19](index=19&type=chunk) - The company uses non-IFRS measures like Adjusted EBITDA, Constant Currency Revenue, and Adjusted Net Profit because management believes they reflect underlying trends and are useful for performance evaluation[21](index=21&type=chunk) [Conference Call Information](index=5&type=section&id=Conference%20Call%20Information) BIRKENSTOCK will host a conference call and webcast on December 18, 2024, at 8:00 a.m. Eastern Time to discuss the fiscal 2024 results - A conference call to discuss fiscal 2024 results is scheduled for **December 18, 2024, at 8:00 a.m. Eastern Time**[16](index=16&type=chunk)

Birkenstock Holding plc BIRK will release its fourth-quarter financial results, before the opening bell, on Wednesday, Dec. 18.Analysts expect the UK-based retailer to report quarterly earnings at 26 cents per share, up from 13 cents per share in the year-ago period. Birkenstock projects quarterly revenue of $439.29 million, compared to $374.54 million a year earlier, according to data from Benzinga Pro.On Aug. 29, Birkenstock posted worse-than-expected third-quarter financial results.Birkenstock shares gai ...

The market expects Birkenstock (BIRK) to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended September 2024. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be relea ...

Investors might want to bet on Birkenstock (BIRK) , as it has been recently upgraded to a Zacks Rank #2 (Buy). This upgrade primarily reflects an upward trend in earnings estimates, which is one of the most powerful forces impacting stock prices. The sole determinant of the Zacks rating is a company's changing earnings picture. The Zacks Consensus Estimate -- the consensus of EPS estimates from the sell-side analysts covering the stock -- for the current and following years is tracked by the system. Individ ...

Investors in Birkenstock Holding PLC (BIRK) need to pay close attention to the stock based on moves in the options market lately. That is because the Jan 17, 2025 $20 Call had some of the highest implied volatility of all equity options today. What is Implied Volatility? Implied volatility shows how much movement the market is expecting in the future. Options with high levels of implied volatility suggest that investors in the underlying stocks are expecting a big move in one direction or the other. It coul ...

I am a financial writer who selects and analyzes high quality stocks with great risk/reward propositions. My universe of stocks covers various industry verticals and geographies. I like to share great ideas and invite meaningful public discourse on various long/short equity ideas. Please follow for in-depth financial analysis and easy-to-read introductions of novel companies and investment propositions.Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies me ...

Core Viewpoint - Birkenstock's stock experienced a significant drop of 15.6% in August, primarily due to investor disappointment following the release of its fiscal Q3 2024 financial results, despite the company achieving record revenue and profit figures [1][2][3]. Financial Performance - Birkenstock reported over $600 million in revenue and approximately $80 million in net profit for Q3, indicating strong financial performance [2]. - The company’s revenue growth was driven more by B2B sales rather than DTC sales, which did not meet investor expectations [4][5]. Investor Expectations - Investors anticipated better growth rates and an increase in full-year guidance, which did not materialize, leading to disappointment despite the strong financial results [3][5]. - Analyst Jim Duffy lowered his price target for Birkenstock from $70 to $63, citing that the higher B2B revenue slightly impacted profitability and top-line numbers [5]. Valuation Considerations - Birkenstock's stock trades at around 70 times its earnings, a high valuation for a shoe company, although some analysts believe it is justified due to the company's double-digit growth rate [6][8]. - The shoe industry often sees lower valuations due to uncertainty in long-term trends, but Birkenstock's established brand may provide it with staying power [7]. Investment Strategy - While Birkenstock's growth rate is appealing, investors may find better value in other shoe stocks with similar growth rates at more attractive valuations, suggesting a cautious approach to investing in Birkenstock for the time being [8].

herstockart The Q2 earnings season is coming to a close, and one major trend that has emerged is a big beating in consumer discretionary names. Across restaurant stocks, food, and retail names, we've seen the impacts of weaker consumer spending starting to color near-term results. Birkenstock (NYSE:BIRK), the German shoemaker, has been one of the unfortunate laggards within this group. After an impressive year-to-date rally, Birkenstock shares have fallen more than 20% after reporting lackluster Q2 results, ...

herstockart Birkenstock's (NYSE:BIRK) Q3 2024 was great, with the company growing impressively behind challenging figures for most peers. Despite this, the stock price collapsed because of a revenue and earnings miss. Like Abercrombie & Fitch (ANF) this earnings season, the BIRK price collapse is a warning against buying a growing business at high valuations. Even when things work great, the stock may collapse. Apart from that price event, the result and the call did not provide much new information. Howeve ...

Birkenstock Today BIRK BIRKENSTO Birkenstock $49.89 -1.01 (-1.98%) 52-Week Range $35.83 ▼ $64.78 Price Target $62.23 Add to Watchlist Birkenstock NYSE: BIRK has been on a strong run since going public in October 2023. Shares were up 54% prior to the release of its fiscal Q3 earnings on Aug. 29. This significantly outpaced the S&P 500 and the consumer discretionary sector. The Consumer Discretionary Select Sector SPDR Fund NYSEARCA: XLY is up 15% since the company's IPO. Let's examine Birkenstock's operation ...