Birkenstock Holding plc reported first‑quarter 2026 revenue of €402 million, up 11.1 % year‑over‑year on a reported basis and 17.8 % in constant currency. The figure falls just below the consensus estimate of €402.5‑€403.3 million, indicating a modest miss rather than a large earnings shortfall.
The quarter’s growth rate represents a deceleration from the 19 % reported‑basis increase seen in Q1 2025, when revenue was €362 million. The slowdown is largely attributable to the depreciation of the U.S. dollar against the euro, which reduced the euro‑denominated value of sales in the U.S. market, and to tariff pressures that have increased input costs for the company’s manufacturing operations.
Management highlighted that higher raw‑material costs and a cautious consumer environment in key markets are the primary drivers of the revenue shortfall. Chief Financial Officer Ivica Krolo said the company has implemented “multiple levers” to mitigate tariff impacts, while Chief Executive Officer Oliver Reichert emphasized the importance of maintaining pricing power in a market where consumers are sensitive to price increases.
Analysts noted the slight miss in the context of Birkenstock’s prior guidance, which in December 2025 projected fiscal‑2026 revenue growth below the company’s historical pace. The market reaction was tempered by concerns over ongoing tariff headwinds, currency volatility, and the company’s cautious outlook, despite the positive year‑over‑year growth.
The revenue miss underscores margin pressure, as the company’s gross margin of 59.1 % is under strain from higher input costs and currency translation losses. Birkenstock’s strategy to expand its closed‑toe product line and to strengthen its scarcity model aims to preserve pricing power, but the company must navigate the current macro‑economic environment to sustain growth momentum.
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