(Reuters) -Birkenstock beat analysts’ expectations for fourth-quarter sales and forecast annual revenue above estimates on Thursday, in the German luxury sandal maker’s first results since going public, betting on higher pricing and strong demand.
The company’s sandals and clogs retail for as much as $350 a pair, and the strong results follow signs of ebbing global luxury demand, as well as lackluster sales expectations from Nike and JD Sports Fashion.
Sales are getting a lift from the company’s investments to tap into the post-pandemic move away from formal dressing to more casual and informal wear, mainly in the U.S.
The company’s quarterly revenue rose to 374.54 million euros ($407.7 million) from 321.61 million euros a year earlier, compared with market expectations of 357.39 million euros, according to LSEG data.
The company forecast fiscal 2024 revenue to be between 1.74 billion euros and 1.76 billion euros, compared to analysts’ expectations of 1.72 billion euros.
Shares ended 2023 about 19% higher after a disappointing market debut in October.
($1 = 0.9187 euros)
(Reporting by Ananya Mariam Rajesh in Bengaluru; Editing by Sriraj Kalluvila)
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