Consumer
Birkenstock Disappoints Investors With Unchanged Outlook
- German company posted quarterly results in line with estimates
- Several analysts had expected an upgrade to 2024 forecast
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Birkenstock Holding Plc disappointed investors by leaving its 2024 financial targets unchanged, even as consumers snapped up more of its high-end sandals and clogs.
Shares fell about 12% as of 7 a.m. in New York trading after the company affirmed its sales and profit targets for the fiscal year that ends Sept. 30. As of Wednesday, the stock had climbed about 32% since its October listing, narrowly outperforming the S&P 500 Index.