German shoemaker Birkenstock (BIRK) has announced that Chief Financial Officer (CFO) Erik Massmann is leaving the company after nearly two years in the senior executive role.
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Massman is being succeeded in the CFO position by Ivica Krolo with the transition scheduled for Feb. 1. Krolo previously served as CFO of investment firm EMH Partners since 2015 and has also been a public auditor at privately held accounting firm PricewaterhouseCoopers.
In addition to the CFO change, Birkenstock also reaffirmed its 2025 forecasts, saying that it saw upbeat demand for its close-toe clogs in Fiscal 2024 and forecast a margin recovery in the current Fiscal year. Birkenstock said it expects demand for its signature sandals to remain strong in 2025.
Post-IPO Performance
In a news release announcing the CFO change, Birkenstock CEO Oliver Reichert praised Massmann’s contributions to the company and for steering it through its 2023 initial public offering (IPO). Although founded in 1774 and a going concern for more than 200 years, the company known for its distinctive sandals only went public in October 2023.
Since the IPO, BIRK stock has risen 63%, including a 24% gain in the last 12 months. The company’s sales and profits have largely managed to surpass Wall Street forecasts since going public. In its most recent quarterly results, Birkenstock reported a 22% year-over-year increase in its sales and a 155% rise in its net profit.
Is BIRK Stock a Buy?
Shares of Birkenstock have a consensus Strong Buy rating among 17 Wall Street analysts. That rating is based on 14 Buy and three Hold recommendations issued in the last three months. The average BIRK price target of $68.46 implies 15.52% upside from current levels.
