Birkenstock is said to have again increased its revenue in the third quarter of fiscal year 2026 and is revising its forecasts upward, according to figures reported by FashionUnited France. The German shoemaker is said to have generated revenue of 719.5 million euros, up 13% (15% at constant exchange rates). Over nine months, growth would stand at 11%, for cumulative revenue of 1.74 billion euros.
Direct-to-consumer (DTC) sales are said to have grown 14%, to 277.7 million euros, faster growth than in the B2B segment. The Amériques region would remain the best performer, with 347.4 million euros in revenue, up 11% (14% at constant exchange rates). In EMEA, revenue is said to have reached 297.2 million euros, up 15%, with the repercussions of the conflicts in the Moyen-Orient having been less significant than expected. L'Asie-Pacifique is said to have recorded the strongest growth, at 18% (23% at constant exchange rates, and nearly 30% excluding Australie), for 74.7 million euros in revenue.
Marges under pressure, profit declines
Gross margin is said to have fallen by 140 basis points, to 59.1%. Adjusted L'EBITDA is said to have grown 11%, to 242.5 million euros, while the corresponding margin would have declined by 70 basis points, to 33.7%. Profit is said to have dropped 15%, to 109.6 million euros, due to financial charges doubling from 18.3 to 43.0 million euros, and 22 million euros in one-off, non-cash charges linked to the share buyback and bond refinancing. Earnings per share are said to have fallen 13%, to 0.60 euro, but would have risen 19% on an adjusted basis, to 0.74 euro.
Mi-juin, the company is said to have issued senior bonds worth 900 million euros at 4.50%, and repaid bonds of 428.5 million euros at 5.25%. At the end of the quarter, Birkenstock is said to have completed an accelerated share buyback of 230 million euros, reducing the number of shares outstanding by six million. The net debt ratio would thus have risen to 1.8 times adjusted L'EBITDA, from 1.5 times at the end of September, due to the buyback. As of 30 June, cash stood at 693.6 million euros.
Store Réseau and raised forecasts
Birkenstock is said to have opened 13 new own-operated stores during the quarter, bringing its total to 124 points of sale worldwide as of 30 June.
« Nous avons réalisé une performance exceptionnelle au troisième trimestre et démontré une fois de plus la force de notre marque », said Oliver Reichert, chief executive officer of the company.
For fiscal year 2026, Birkenstock is said to now expect revenue growth of 15%, compared with an initial forecast of 13 to 15%. Reported revenue should fall within the upper end of the 2.3 to 2.35 billion euro range, and adjusted L'EBITDA is expected to reach at least 710 million euros, up from 700 million euros previously, which would correspond to a margin of 30.2 to 30.5%. Investments are expected to be between 110 and 130 million euros, and adjusted earnings per share between 1.90 and 2.05 euros, a range that includes the impact of tariffs, currency effects, the tax rate and the share buyback. The remaining proceeds from the bond issuance would also allow for further share buybacks of up to 500 million dollars.
