勃肯股票2026财年展望：业绩指引、产能扩张与市场策略

Performance Outlook - The company provided a revenue growth guidance of up to 15% for the fiscal year 2026, translating to a maximum of €2.35 billion, which is slightly below market consensus [2] - The management expects the gross margin for 2026 to be between 57% and 57.5%, primarily impacted by currency fluctuations and ongoing U.S. import tariffs [2] Capital Expenditure - The company plans to increase capital expenditures to between €110 million and €130 million in fiscal year 2026, up from €85 million in 2025, with funds primarily allocated for capacity expansion [3] Stock Buyback - The company announced a plan to repurchase $200 million worth of stock in fiscal year 2026, contingent on market conditions, which may influence stock prices [4] Industry Policy and Environment - The ongoing 15% import tariff imposed by the U.S. on EU goods will continue to exert cost pressure on the company, with management's pricing strategies and supply chain optimizations needing to effectively counteract the negative impacts of tariffs and currency fluctuations [5] Business Expansion - The company aims to expand its direct retail network globally, targeting approximately 150 stores by 2027, with plans to open 25-30 stores in the U.S. market [6] Revenue Composition - Revenue from closed-toe shoes, such as the Boston series, accounted for 38% in fiscal year 2025, and the sustainability of this growth, along with performance in high-growth regions like Asia-Pacific (31% growth in 2025), will be closely monitored [7]