Record-breaking quarters just aren’t enough for the market anymore. Just ask Birkenstock Holding, down 16% today.
Although the company posted its highest quarterly revenue on record, its stock tumbled Thursday. The results failed to meet investors’ lofty expectations, putting the stock on track for its largest percentage decline since its public debut last October.
Shares were down 15% at $51.58 in early morning trading, erasing most of the more than 20% year-to-date gain the stock had piled up before the report.
Barbie’s favorite shoemaker’s fiscal third-quarter revenue rose 19% year over year to €565 million ($625.8 million), driven by growth across all of the company’s segments, sales channels, and categories. But the figure fell shy of estimates calling for €566.1 million, according to FactSet.
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