Birkenstock Holding PLC Stock Price, News & Analysis

Birkenstock Holding plc (NYSE:BIRK) has announced its participation in three upcoming investor conferences in September 2024. The company's senior management will be present at the Goldman Sachs Global Retailing Conference in New York City on September 5th, the J.P. Morgan 15th Annual U.S. All-Stars Conference in London on September 17th, and the UBS Athletic Training and Lifestyle Innovation Day and 5K in Boston on September 25th.

Investors interested in attending these events should contact their representatives at the respective banks. Presentation materials will be made available on the Investor Relations section of Birkenstock's website.

Birkenstock (NYSE:BIRK) reports record third quarter revenue of EUR 565 million for fiscal 2024, up 19% year-over-year. The company saw strong growth across all segments: Americas (+15%), Europe (+19%), and APMA (+41%). B2B revenue grew 23%, while DTC revenue increased 14%. Despite the growth, gross profit margin decreased to 59.5% from 61.7% due to production capacity expansion and increased B2B share. Net profit rose 18% to EUR 75 million, with EPS up 15% to EUR 0.40. The company confirms its fiscal 2024 guidance for 20% revenue growth and an Adjusted EBITDA margin of 30-30.5%. Birkenstock continues to invest in production capacity and retail expansion, opening 7 new owned stores in Q3.

Birkenstock Holding plc (NYSE:BIRK) has announced the date for its third quarter 2024 financial results release and conference call. The company will report its results for the quarter ended June 30, 2024, on Thursday, August 29, 2024, before the US market opens. A conference call and live webcast with the investment community will be held at 8:00 a.m. Eastern Time on the same day.

Investors can access the webcast through the company's Investor Relations website. For those joining via phone, the dial-in numbers are 1-888-506-0062 (US) and 1-973-528-0011 (International), with access code 344410. A replay will be available after the call, accessible by dialing 1-877-481-4010 (US) or 1-919-882-2331 (International), using access code 50923. An archive of the webcast will also be available on Birkenstock's Investor Relations website.

Birkenstock Holding announced the pricing of a $756 million secondary offering comprising 14,000,000 ordinary shares at $54.00 per share. The shares are being sold by BK LC Lux MidCo S.à r.l., affiliated with L Catterton, not by Birkenstock itself. The Selling Shareholder has given underwriters a 30-day option to buy an additional 2,100,000 shares. The offering's closing is expected on June 28, 2024, subject to customary conditions. Goldman Sachs and J.P. Morgan are leading the offering, with other major financial institutions participating. Birkenstock will not receive any proceeds from this sale.

Birkenstock Holding plc (NYSE:BIRK) announced the start of a secondary public offering of 14,000,000 ordinary shares. The shares are being sold by BK LC Lux MidCo S.à r.l., affiliated with L Catterton, and not by Birkenstock itself. The selling shareholder has sole voting power over 9,880,814 shares and shared power over 4,119,186 shares with Birkenstock's executives and employees. An option to purchase an additional 2,100,000 shares within 30 days has been granted to underwriters. Post-offering, the selling shareholder will hold 73.2% of Birkenstock’s outstanding shares. The net proceeds will primarily be used by executives and employees to pay taxes and loans related to the IPO and this offering. Goldman Sachs and J.P. Morgan are acting as lead book-running managers. The offering is subject to market conditions.

Birkenstock Holding plc (NYSE:BIRK) announces that senior management will participate in two investor conferences in June 2024. The first is the Baird Global Consumer, Technology & Services Conference on June 5th in New York City, where they will present at 12:50 p.m. Eastern Time. The second is the 4th Annual Evercore ISI Consumer & Retail Conference on June 12th, held virtually, with a presentation at 11:45 a.m. Eastern Time. Interested parties should contact the respective banks to attend. Presentation materials will be available on the company's investor relations website.

Birkenstock reported a record second quarter for fiscal 2024, with a revenue increase of 23% year-over-year, driven by strong consumer demand across all segments. The company raised its full-year revenue growth guidance to 20%. Financial highlights include revenue of EUR 481 million, a net profit of EUR 72 million, and an adjusted EBITDA of EUR 162 million. Despite strong revenue growth, gross profit margin fell to 56.3% due to production expansion costs and wage adjustments. The company continues to invest in production capacity and opened 11 new stores globally. Cash flow from operations dropped to EUR 50 million, attributed to higher trade receivables. Birkenstock also announced a refinancing plan, which includes early loan repayment.

Birkenstock Holding has signed a new term loan and revolving credit facilities agreement with nine banks for loans and commitments totaling EUR 850 million. This will refinance existing term loans and replace the undrawn Asset Based Lending (ABL) facility with a new revolving credit facility (RCF). The new arrangement will reduce the outstanding term loans by approximately USD 50 million, showcasing Birkenstock's strong liquidity and commitment to reducing debt. The company expects mid-single-digit million EUR yearly savings in credit margins and streamlined lender relationship management.