Birkenstock shares drop 15.9% post results
Birkenstock, the renowned German sandal company, experienced a significant 15.9 percent drop in its stock value following a disappointing third-quarter financial report, as announced by MarketWire. The company’s revenue growth dipped to 33 percent, which is a decrease of 1.4 percent compared to the same period last year, despite an increase of 19 percent compared to the previous quarter. Birkenstock, which is also known for its shoes and clogs, made its stock market debut in October last year. The actual revenue was 565 million euros, falling short of the 567.9 million euros projected by analysts according to Bloomberg News. Furthermore, the net result was 74.6 million euros, significantly below the expected 95.7 million euros, marking a 28 percent shortfall. Birkenstock was established in Germany in 1774.