New York: German sandal maker Birkenstock reported record revenue of Euro303 million ($327.4 million) for the first quarter of fiscal 2024 which ended on December 31, 2023, an increase of 22%. The sandal maker headquartered in Linz am Rhein recorded a net loss of Euro7 million, improved from Euro9 million in the same time frame a year earlier. The company attributes its current losses to the cost of expanding its plant in the north-east German town of Pasewalk. “Our strategic investments into future growth are having a planned, temporary impact on our profitability,” Oliver Reichert, CEO of Birkenstock Group and a member of the board of directors explained. The expansion is going to plan, Birkenstock said in a statement. Birkenstock went public in New York at the beginning of October. The stock started below the issue price of $46 and took seven weeks to reach it again. (dpa)
