绩后大跌！关税冲击增长，勃肯(BIRK.US)新财年营收与盈利指引均不及预期

Core Viewpoint - BIRK's sales and profits have increased due to strong demand for its expensive sandals and clogs, but the company forecasts a slowdown in growth for the upcoming year [1] Group 1: Financial Performance - For the three months ending in September, BIRK reported a revenue growth of 20% to €526 million ($616 million), slightly above analysts' expectations [1] - The company anticipates a maximum sales growth of 15% for fiscal year 2026, potentially reaching €2.35 billion, which is slightly below expectations [1] - Adjusted earnings for 2026 may exceed €700 million, while analysts' average expectation is approximately €758 million [1][2] Group 2: Strategic Initiatives - CEO Oliver Reichert aims to attract investors with a robust growth strategy, ensuring consumer demand for BIRK shoes exceeds production capacity, allowing for higher average selling prices [1] - BIRK plans to invest between €110 million and €130 million in capital expenditures for 2026, an increase from €85 million the previous year [2] - The company intends to repurchase $200 million in stock during fiscal year 2026, depending on market conditions [2] Group 3: Market Challenges - The company faces challenges from U.S. tariffs and currency fluctuations, which are expected to continue impacting performance in 2026 [1][2] - BIRK's gross margin is projected to decline to between 57% and 57.5%, lower than the average expectation of 59.8%, due to adverse effects from exchange rate fluctuations and increased tariffs [2] - BIRK's stock price has dropped approximately 18% this year, with a pre-market decline of 11.64% following the earnings announcement [3]