Birkenstock - comment
The small miss on revenue growth (11.1% vs guidance of 13% - 15%) is a negative, without being terrible. Constant currency growth was 17.8%, but a weaker USD (vs EUR) meant a currency headwind of >650bp vs guidance for a fiscal 2026 currency headwind of 300bp – 350bp. The company didn’t provide any update on EBITDA margin, but had guided for a currency impact of 100bp. The company will publish its Q1 Fiscal 26 results on 12 February.