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Birkenstock Holding plc (NYSE: BIRK) today announced its financial results for the third quarter of fiscal 2024, ended June 30, 2024. The company reported record third quarter revenue, up 19% year-over-year on a reported and constant currency basis, driven by continued strong and growing consumer demand across all segments, channels and categories.
Financial Highlights for Q3 FY 2024
- Revenue of EUR 565 million, an increase of 19% on a reported and constant currency basis
- Strong double-digit revenue growth across all segments, including 15% in the Americas, 19% in Europe and 41% in APMA on a constant currency basis
- DTC revenue growth of 14% and B2B revenue growth of 23% on a constant currency basis
- Gross profit margin of 59.5%, down 220 basis points from 61.7% due to temporary impact of production capacity expansion and increase in B2B share
- Net profit of EUR 75 million, up 18% from EUR 63 million; EPS of EUR 0.40, up 15% from EUR 0.35
- Adjusted Net profit of EUR 92 million, up 14%, and Adjusted EPS of EUR 0.49, up 11%
- Adjusted EBITDA of EUR 186 million, up 15% year-over-year; Adjusted EBITDA margin of 33.0%, down 140 basis points from 34.4%
- Cash flows from operating activities of EUR 281 million, compared to EUR 237 million a year ago, resulting in a net leverage ratio of 2.1x LTM EBITDA
Confirming Fiscal 2024 Guidance
Birkenstock confirmed its fiscal 2024 guidance for revenue growth of 20% in constant currency and Adjusted EBITDA margin of 30-30.5%.
CEO Remarks
Oliver Reichert, CEO of BIRKENSTOCK Group and Member of the Board of Directors, stated: “Our results for the third quarter of 2024 once again demonstrate the strength of our business model and our ability to achieve the growth and profitability goals we set out for you during our IPO and recent secondary offering roadshow. We achieved the highest quarterly revenue in our history, driven by unbreakable and growing demand across all segments, channels and categories.”Reichert added, “We remain confident in our ability to deliver on our medium to long-term objectives for mid-to-high teens revenue growth, gross profit margin of 60% and Adjusted EBITDA margin of over 30%.”