Birkenstock Holding plc (NYSE:BIRK) moved higher after the sandal maker posted fiscal first-quarter results that largely matched expectations, supported by broad-based double-digit growth at constant exchange rates.
For the quarter, earnings per share came in at €0.27, broadly in line with the €0.26 consensus forecast. Revenue totaled €401.9 million, representing a 17.8% increase at constant currency and closely matching analyst expectations of €402 million.
Sales expanded at a double-digit pace across all geographic segments on a constant-currency basis. Revenue rose 14% in the Americas, 17% in EMEA and 37% in APAC.
By distribution channel, business-to-business revenue advanced 24% at constant currency, while direct-to-consumer sales increased 12%.
Profitability, however, faced headwinds. Adjusted gross margin declined 290 basis points year over year to 57.4%, reflecting unfavorable foreign exchange movements, additional U.S. tariffs and shifts in sales mix, the company said. These factors were partially offset by pricing adjustments, net of inflation, and better utilization of production capacity.
Adjusted EBITDA increased 4% to €106 million compared with the prior year. Nonetheless, the adjusted EBITDA margin slipped 170 basis points to 26.5%, down from 28.2% in the same quarter last year.