Birkenstock Holding Plc reported strong sales figures for the final months of 2025 as demand stays robust for its high-end sandals and clogs, despite the impact of a weaker US dollar and tariffs. 

Revenue rose to €402 million ($470 million) in the three months to December 30, roughly in line with analyst expectations and 18% higher in constant currency terms than a year earlier, according to preliminary results for the company’s fiscal first quarter. Birkenstock had disappointed investors last month when it forecast a slower pace of sales growth of as much as 15% in fiscal 2026.

Chief executive officer Oliver Reichert is trying to win over investors with his slow-but-steady approach to growth, making sure consumer demand for Birkenstock’s footwear always exceeds its production. That’s allowed the company to raise the average selling price of its shoes and avoid markdowns. 

He’s been criticised, though, for not giving enough information on Birkenstock’s performance and expectations. That’s one reason the stock has recently traded below its 2023 initial public offering price of $46, despite strong growth and profitability. The shares fell 28% in 2025.

“It’s clear that investors are not responding well to the ‘trust us, we know what we’re doing’ messaging from the company,” Williams Trading analyst Sam Poser said in a note last month. He has called Birkenstock “one of the best, if not the best, run companies” in his coverage, though he renewed his criticism of its financial messaging last week and cut his price target to $49 from $51.

Birkenstock’s first-quarter sales grew 11% on a reported basis, weighed down by the weaker US dollar compared to prior year, it said. Birkenstock reports earnings in euros but pulls in about half of its revenue in the US dollar. That situation- and the tariff burden- will continue in 2026, when Birkenstock expects adjusted earnings to exceed €700 million, it said last month.

Birkenstock is currently taking part in the ICR Consumer Conference in Orlando and plans to host a capital markets day on January 28. It will offer full first-quarter results on February 12, it said.