(CercleFinance.com) – Birkenstock was sanctioned on Thursday on Wall Street, where the sandal manufacturer suffered a decline of more than 8% in the wake of losing quarterly results and prospects considered disappointing.
Driven by its development in North America, the group saw its turnover increase by 16% in published data for its fourth fiscal quarter (+22% at constant exchange rates), to $374.5 million.
This performance, however, is below the market consensus, which targeted quarterly revenues around $384.5 million.
Another disappointment, Birk suffered a net loss of $28.3 million in the quarter, ended at the end of September, compared with a profit of $58 million over the same period of the previous year.
The company explains that it suffered from a heavier tax burden but also from the increase in its commercial costs, linked to the development of its activity.
For its new 2023/2024 financial year, which began in October, the company said it was targeting annual turnover up 17% to 18%, or a target of between $1.74 and $1.76 billion.
Here again, this objective does not reach the forecast established by analysts, who anticipated a figure closer to 1.90 billion dollars.
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