Clogs, Shearling Styles Are Driving Demand for Birkenstock, But Brand Misses Q1 Revenue Estimates

Core Insights - Birkenstock experienced strong holiday demand, particularly for clogs, shearling, and closed-toe shoes and boots, but missed analysts' expectations for net sales in Q1 2026, reporting 401.9 million euros instead of the projected 402.1 million euros, marking an 11.1% increase from 361.7 million euros in the same period last year [1] Financial Performance - The company reported a net profit of 50.6 million euros, or 27 cents per diluted share, up from 20.1 million euros, or 11 cents per diluted share, in the same quarter last year [2] - Wholesale revenue grew by 18% in Q1, driven by strong holiday demand and sell-through, primarily from existing doors with an expanded assortment of styles [2] Revenue by Channel - Direct-to-consumer revenue increased by 4% in Q1, with the company adding nine new owned stores, bringing the total to 106 as of December 31 [3] Regional Performance - In the Americas, revenue grew by 5% in Q1, led by the wholesale channel, with one additional owned retail store opened, totaling 15 in the region [4] - EMEA region saw a revenue growth of 16%, also led by wholesale, with three new owned retail stores opened, bringing the total to 45 [5] - APAC region achieved a revenue growth of 28%, with direct-to-consumer growth outpacing wholesale by over two times, supported by both online and own retail, and five new owned retail stores opened, totaling 46 in the region [5] Management Commentary - Oliver Reichert, CEO of Birkenstock, stated that the first quarter results demonstrate the continued strong demand for the brand throughout the holiday season [6]