Q1 2026 Birkenstock Holding PLC Earnings Call Transcript
Key Points
- Birkenstock Holding PLC (BIRK) reported strong first-quarter revenues of EUR402 million, up 18% in constant currency, exceeding their annual guidance of 13% to 15%.
- The company continues to experience double-digit growth in the Americas, EMEA, and APAC regions, with APAC revenues growing by 37% in constant currency.
- Birkenstock Holding PLC (BIRK) maintains a high full-price sell-through rate of over 90%, indicating strong brand health and demand.
- The company is expanding its retail footprint, adding nine new stores in the quarter, with plans to open 40 stores this fiscal year to capture more in-person shopping demand.
- Birkenstock Holding PLC (BIRK) is successfully diversifying its product range beyond sandals, with strong sales in closed-toe products like the Boston clogs, contributing to its four-season brand strategy.
- The company faced significant headwinds from foreign exchange (FX) and tariffs, impacting revenue growth by 670 basis points and gross profit margins by 200 to 250 basis points.
- Gross profit margin for the first quarter decreased by 460 basis points year-over-year, with adjusted gross profit margin down 290 basis points.
- Adjusted EBITDA margin declined by 170 basis points year-over-year, primarily due to FX and tariff pressures.
- Despite strong revenue growth, the company remains conservative in its full-year guidance due to uncertainties in the second half of the fiscal year.
- Birkenstock Holding PLC (BIRK) is experiencing capacity constraints by design, which may limit its ability to fully meet demand and optimize growth potential.
Good morning, and thank you for standing by. Welcome to Birkenstock's first quarter and fiscal 2026 earnings conference call. (Operator Instructions) The company allocated to 45 minutes in total to this conference call. I would like to remind everyone that this conference call is being recorded.
I now turn the call over to Megan Kulick, Director of Investor Relations.
Hello, and thank you, everyone, for joining us today. On the call are Oliver Reichert, Director of Birkenstock Holdings Plc and Chief Executive Officer of Birkenstock Group; and Ivica Krolo, Chief Financial Officer of Birkenstock Group; Alexander Hoff, VP of Global Finance, will join us for Q&A.
As a reminder, we preannounced certain first quarter results in conjunction with our Capital Markets Day on January 28. On this occasion, we took a deep dive into our business model and our growth strategy for the next three years, combined with a Q&A session, which covered a wide variety of topics. For those of you who
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