Birkenstock's High-end Lifestyle Positioning Provides Competitive Edge That Is Difficult To Replicate: Analyst
Birkenstock's High-end Lifestyle Positioning Provides Competitive Edge That Is Difficult To Replicate: Analyst
In the U.S., Birkenstock is experiencing strong demand for clogs, particularly for the Boston and Tokyo silhouettes, as well as the newly introduced Lutry, which continues to perform well.Telsey Advisory Group analyst Dana Telsey reiterated the Outperform rating on Birkenstock Holding plc (NYSE:BIRK) with a price forecast of $70.
Telsey Advisory Group分析师达纳·特尔西重申了对Birkenstock Holding plc (纽交所:BIRK)的跑赢大盘评级，价格预测为70美元。
Yesterday, the company reported fourth-quarter fiscal 2024 results, with revenue growing 22% year over year on a reported and constant currency basis to 456 million euros.
昨天，该公司报告了2024财年第四季度的业绩，营业收入在按报告和固定货币基础上同比增长了22%，达到了45600万欧元。
The analyst notes that management is observing positive momentum across the entire closed-toe category, ranging from clogs to boots.
分析师指出，管理层观察到整个封闭鞋类（从木屐到靴子）都出现了积极的增长势头。
In the U.S., Birkenstock is experiencing strong demand for clogs, particularly for the Boston and Tokyo silhouettes, as well as the newly introduced Lutry, which continues to perform well.
在美国，Birkenstock对木屐的需求强劲，尤其是波士顿和东京款式，以及新推出的Lutry款式，表现良好。
The solid demand for clogs has also positively impacted sales of the Zermatt slipper, which, despite being part of the product line for over five years, is now seeing increased demand due to the halo effect from the popularity of clogs.
木屐的强劲需求也积极影响了Zermatt拖鞋的销售，尽管该产品线已有超过五年，但由于木屐的受欢迎程度，现在的需求正在增加。
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In Europe, lace-up styles and boots are outpacing other product categories. However, the analyst highlights that while closed-toe shoes are performing strongly, sandals still experienced double-digit growth during the same period.
在欧洲，系带式样和靴子的表现超过了其他产品类别。然而，分析师强调，尽管封闭鞋的表现强劲，但在同一时期，凉鞋仍然实现了两位数的增长。
Despite a challenging global macroeconomic environment, the brand continued to experience solid demand across various geographies and sales channels, successfully executing its strategy, Telsey notes.
尽管全球宏观经济环境充满挑战，但该品牌在各个地区和销售渠道依然保持了强劲的需求，成功执行了其策略，达纳指出。
The company sees FY25 revenue growth of 15% – 17% in constant currency, adjusted EBITDA margin of 30.8% – 31.3% (up 50 basis points) and capital expenditures of around 80 million euros.
该公司预计FY25营业收入增长15% – 17%（以稳定货币计），调整后的EBITDA利润率为30.8% – 31.3%（上升50个基点），资本支出约为8000万欧元。
The analyst highlights that the company's FY25 outlook aligns with the long-term expectations initially communicated during its IPO process in late 2023.
分析师强调，公司FY25的前景与2023年底首次公开募股过程中最初传达的长期预期保持一致。
With consumers becoming more selective in their purchases, the analyst views Birkenstock as a brand well-positioned to maintain its success in the market due to its high-end lifestyle positioning, offering comfort and a frictionless walking experience, which creates a competitive edge that is difficult to replicate.
随着消费者在购买时变得更加挑剔，分析师认为Birkenstock作为一个高端生活方式品牌，能够在市场上保持成功，因为它提供舒适和无摩擦的步行体验，这为其创造了难以复制的竞争优势。
The analyst states that the sales estimate for FY24 has been updated to 2.12 billion euros, reflecting a 17.2% year-over-year increase, slightly higher than the previous estimate of 2.09 billion euros, which represented a 15.9% increase.
分析师表示，FY24的销售预估已更新为21.2亿欧元，反映出同比增长17.2%，略高于之前的20.9亿欧元预估，这代表着15.9%的增长。
Additionally, the forecast for FY24 adjusted EBITDA has been revised to 661.5 million euros, a slight increase from the prior estimate of 654.2 million euros.
此外，FY24的调整后EBITDA预估已修订为66150万欧元，较之前的65420万欧元略有增加。
Price Action: BIRK shares are trading lower by 0.98% to $56.60 at last check Thursday.
价格动态：截至上周四最后检查，BIRK股票交易价格下跌0.98%，报56.60美元。
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