(Reuters) – Birkenstock raised its annual revenue forecast on Thursday, as the German sandal maker bets on benefits from full-price selling and strong demand for its closed-toe silhouettes and cork-based sandals.
Wholesale retailers are still stocking up on in-demand products like Birkenstock despite a wider effort to cut back on inventory due to waning demand for discretionary items such as footwear.
Demand for Birkenstock’s sandals and shoes made of cork also got a boost from Margot Robbie donning a pair of pink Birkens in the movie “Barbie” last year.
The company now expects fiscal 2024 revenue between 1.77 billion euros ($1.91 billion) and 1.78 billion euros, compared with its prior forecast of 1.74 billion euros to 1.76 billion euros.
Birkenstock reported quarterly revenue of 481.2 million euros, compared with market expectations of 466.1 million euros, according to LSEG data.
($1 = 0.9246 euros)
(Reporting by Ananya Mariam Rajesh in Bengaluru; Editing by Devika Syamnath)
