Birkenstock announced total sales for fiscal 2023 rose 20 percent to EUR 1.49 billion (USD 1.63 billion), with China and India identified as key growth drivers for the German sandal maker.
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Net profit for the fiscal year ending September 30 was EUR 75 million, down from 187 million euros the prior year, while earnings per share were EUR 0.41, down from EUR 1.02 the prior year.
By region, sales in the Americas were up 21 percent, Europe was up 18 percent and Asia Pacific, Middle East and Africa (APMA) was up 24 percent, with China and India named as key growth drivers, “evidencing that Birkenstock’s continued execution in these large and strategic markets is accelerating its overall growth.”
Looking ahead, Birkenstock forecast 2024 revenues of between EUR 1.74 billion to EUR 1.76 billion, or growth between 17 percent and 18 percent, compared to 2023.
“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,” said Birkenstock chief executive officer, Oliver Reichert.
Last November, Birkenstock appointed Tiffany Wu as its first-ever managing director, for the Greater China region.
With the new appointment, Birkenstock said it aims to further strengthen its expanding footprint in Greater China, revered as the “most dynamic region in Asia Pacific and the growth region with the largest untapped ‘white space’ potential for the company, alongside India and Japan,” according to a press release.
The company operates an e-commerce business in China, an owned retail network, and a wholesale business with select local partners.