Birkenstock: Don't Throw Out the Footbed Just Yet

研报英文原文证据摘录

Birkenstock: Don't Throw Out the Footbed Just Yet

Deutsche Bank

Research

Rating Company Date

Buy Birkenstock 13 May 2026

North America Reuters Bloomberg Rating Buy

United States BIRK.N BIRK US Price target (USD) 41.00 Price at 13 May 26 33.07

52-week range 57.70 – 33.07

Consumer

Apparel, Footwear & Textiles Valuation & Risks

Don't Throw Out the Footbed Just Yet

Krisztina Katai

Despite a lowered bar, BIRK reported a messy 2Q (cFX revenue growth and adj. Research Analyst

+1-212-250-0590 EBITDA -100 bps and 1% below the Street, respectively) that did little to push

back against the bear case of slowing brand heat and execution risk, in our view. Nick Breckenridge

While investors had expected EMEA trends to be soft after luxury read throughs, Research Associate

we believe that many were surprised by the sequential deceleration in APAC +1-212-250-9179

given management’s prior commentary that demand in the region remains

Jessica Taylor underserved. Research Associate

+1-212-250-3165 That said, while acknowledging the soft top-line growth, we believe investors are

underappreciating the improvement in DTC trends this quarter (i.e., what used to

be what mattered for the stock), with SSS accelerating sequentially to +DD% on

a two-year stack. We expect DTC to accelerate further in 2H as new stores enter Key changes

the comp base, which should be helped further by BIRK’s top-of-funnel marketing Price target (USD) 48 41 -15%

investments in the US (with management noting sustained momentum in digital

Source: Deutsche Bank

this quarter). Looking elsewhere, BIRK continues to make progress on its capacity

buildout and is already seeing benefits from increased pre-production capabilities

at Arouca (where we believe BIRK’s increased raw material inventory should help