The sandal brand fell further on Wall Street after reporting a below-expectations performance for its fiscal year 2022-2023 and its outlook for 2023-2024.
Birkenstock tumbled 8.9% to $45.51 on Wall Street on Thursday, January 18, after announcing disappointing results for 2023 and outlook for 2024.
The sandal brand, which has gone from being “orthopedic and tacky” to “fashionable and desirable”, has definitely not been on a roll since its IPO last October.
After a sluggish start on Wall Street, described by Reuters as “the worst debut for a company worth more than a billion dollars in nearly two years, with an initial public offering”.
The IPO price was $46. It has since recovered, closing 2023 up around 19%.
Share price below IPO level
Since then, however, the stock has once again fallen below its initial level, particularly on January 18, in the wake of the publication of its 2022-2023 financial year, which ended in September.
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Featured Photo: © Birkenstock
