Birkenstock rises after ‘beat and raise’ Q2 results amid strong demand

Shares of Birkenstock are on the rise on Thursday after the company reported better-than-expected quarterly results and raised full year guidance. The German shoemaker posted Q2 EPS of EUR 0.38 and revenue of EUR 481M. Birkenstock also raised its full year 2024 revenue guidance to EUR 1.77B-1.78B from EUR 1.74B-1.76B, and said it now expects 2024 adjusted EBITDA in the range of EUR 535M-545M, up from the prior forecast of EUR 520M-530M. CEO Oliver Reichert said that, “Our results for the second quarter of 2024 once again demonstrate the strength of our business model and growing demand for our products. Given our engineered distribution model, demand continues to outpace supply in all segments, channels and categories. We see strong demand growth in the largely untapped white space areas we have identified across geographies, channels, categories and usage occasions. At the same time, we continue to see very strong growth in our established markets and products.” Birkenstock has jumped over 10% to $55 in Thursday morning trading.