“We are very pleased with our financial results and performance for fiscal year 2023. The past year has been the most successful year in our 250-year-long tradition, and we entered our first year as a publicly listed company shortly thereafter. As a footbed company with a unique business model and a proven engineered distribution model, we offer a product with a purpose and that withstands short-term market or fashion trends, because it serves a primal human need – to walk as nature intended”, commented Oliver Reichert, CEO of Birkenstock and Member of the Board of Directors.

Fiscal 2023 Results

In the financial year ending on the 30^th of September, the group’s revenue amounted to 1.49 billion euros, up by 20% on a comparable basis to fiscal 2022, both on a reported and constant currency basis. This growth was driven by a 6% increase in units sold and a 14% increase in the average selling price, as compared to the previous year, as well as DTC revenue growth of 29% on a constant currency basis in fiscal 2023, resulting in an expansion of DTC penetration by 200 basis points to 40%.

The Americas’ region was “the largest contributor to overall revenue growth in absolute terms”, highlighted the company. In this region, Birkenstock’s full year revenue rose by 21% on a reported and by 20% on a constant currency basis, on a comparable basis to fiscal 2022. In Europe, it increased by 18% year-over-year, both on a reported and on a constant currency basis. Revenue in the APMA* region grew the most in relative terms, with a 24% growth on a reported and a 27% growth on a constant currency basis, driven by the performances in China and India.

The company posted a fiscal 2023 net profit of 75 million euros, down from 187 million in the prior year, and earnings per share of 0.41 euros, down from 1.02 euros. Adjusted net profit, however, increased to 207 million euros from 175 million euros in fiscal 2022, and pro forma adjusted earnings per share based on a post-IPO share count of 188 million of 1.10 euros, up from 0.93 euros.

In addition, the group’s adjusted EBITDA increased by 11% in the last fiscal year to 483 million euros, as compared to fiscal 2022, resulting in an adjusted EBITDA margin of 32.4%. “Birkenstock successfully continues its profitable long-term growth trajectory as the fiscal year 2023 results solidify its historical track record, with the Company achieving a CAGR of 20% in revenues for the past decade, an Adjusted Gross profit margin of over 60%, and an Adjusted EBITDA margin of over 30%”, reads the statement.

Fiscal 2024 Outlook

For fiscal 2024, Birkenstock expects to reach between 1.74 billion euros and 1.76 billion euros in revenue on a constant currency basis, reflecting an overall revenue growth of 17% to 18%, as compared to fiscal 2023. Additionally, its full year adjusted EBITDA should be between 520 million to 530 million euros on a constant currency basis, resulting in an adjusted EBITDA margin of approximately 30%.

“For fiscal year 2024, we are confident to further grow our business by tapping significant addressable geographic, category extension and distribution white space, remaining strongly committed to delivering uncompromising premium quality to our customers and undeterred by the broader macroeconomic backdrop”, concluded Oliver Reichert.