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Birkenstock reveals 21% increase in revenue in updated financial statements ahead of IPO

Birkenstock reveals 21% increase in revenue in updated financial statements ahead of IPO


By

Reuters API

Published


September 16, 2023

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Premium German footwear maker Birkenstock Holding’s revenue rose 21% in the nine months ended June 30, it said in filings updated for its U.S. stock market listing on Friday.

Birkenstock

The company, backed by private equity firm L Catterton, is one of a handful of high-profile firms preparing to debut on the stock market. Others, including grocery delivery app Instacart and marketing company Klaviyo, are also expected to list their shares soon.

The company’s revised filing comes just a day after a strong debut from SoftBank Group-backed Arm Holdings.

Birkenstock posted revenue of 1.12 billion euros ($1.2 billion) for the nine months ended June 30, compared with 921.2 million euros in the same period the previous fiscal year.

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Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) grew 16% to €387 million in the same period.

A family business whose origins date back to 1774, Birkenstock’s trademark has typically been comfort rather than fashion. On its website, the company says that all elements of its design (the buckles, straps, sole and insole) have a “functional purpose.”

But it has also found favor with fashion fans, even more so in recent weeks after one of its brands was featured in the hit movie Barbie, where Margot Robbie was seen wearing a pair of pink Birkenstocks.

Goldman Sachs, JP Morgan and Morgan Stanley are among the underwriters of the IPO.

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© Thomson Reuters 2023 All rights reserved.

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