Birkenstock Holding (NYSE:BIRK) saw its shares surge by 11% in pre-market today after the shoemaker reported Q2 earnings and revenue that exceeded analyst expectations and raised its full-year guidance.
The company reported earnings per share (EPS) of EUR 0.38 for the quarter, surpassing the analyst estimates of EUR 0.35. Revenue increased to EUR 481.2 million, beating the consensus projection of EUR 465.4 million. Birkenstock’s adjusted EBITDA was EUR 162.3 million, exceeding the EUR 145.8 million expected by analysts.
The company updated its fiscal 2024 revenue forecast to EUR 1.77-1.78 billion, compared to the consensus estimate of EUR 1.75 billion. This new forecast represents a year-over-year growth of 20%, up from the previous guidance range of 17%-18%.
Additionally, Birkenstock now expects 2024 adjusted EBITDA to be between EUR 535 million and EUR 545 million, an increase from the prior guidance of EUR 520 million to EUR 530 million.
The company also reaffirmed its medium to long-term profitability goals, targeting a gross profit margin of around 60% and an adjusted EBITDA margin exceeding 30%.