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But as a result, there was a loss of 7.15 million euros, following the red figures of around 9.2 million euros the previous year. Birkenstock points out that investments in future growth temporarily reduce profitability. Among other things, the traditional company is expanding its factory in the German town of Pasewalk. It was said that the expansion is going as planned.
Birkenstock went public in New York in early October. The stock started below its issue price of $46 and took seven weeks to reach that level again. In pre-market trading on Thursday, the price temporarily rose 0.5 percent to $51.50 following the quarterly report. Even after the IPO, Birkenstock will be controlled by major shareholder L Catterton, who has links to luxury group LVMH and its billionaire boss Bernard Arnault.
(SDA)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
