(Reuters) – Birkenstock beat Wall Street expectations for first-quarter revenue on Thursday, as the German footwear maker benefited from strong holiday-driven demand for its expensive cork-based sandals and shoes.
Strong demand allowed the German footwear maker to sell more products at full price during a largely discount-heavy holiday shopping season in the U.S.
Fresh styles such as its closed-toed clogs drew in customers willing to pay big bucks for trendy footwear and apparel.
“Birkenstock proved to be a high-demand gifting item and must-have for our wholesale partners,” said CEO Oliver Reichert in a statement
The company reported quarterly revenue of 361.7 million euros ($377.47 million), compared with analysts’ average estimate of 356.2 million euros, according to data compiled by LSEG.
The company maintained its annual revenue and adjusted EBITDA margin forecasts.
($1 = 0.9582 euros)
(Reporting by Juveria Tabassum and Neil J Kanatt in Bengaluru; Editing by Shinjini Ganguli)
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