Question · Q4 2025
Donna Telsey from Telsey Advisory Group asked about the performance differences between e-commerce and physical stores within the D2C channel, the regional strategy and size for the 40 new stores planned in 2026, and the approach to price increases for 2026 across product categories. She also sought an update on the Americas region.
Answer
President of EMEA Nico Bouyakhf stated that retail is outpacing digital growth, with 40 new stores planned for 2026 in key cities (e.g., Milan, Mumbai, Singapore), typically 100-150 sq m, performing well with higher average transaction values. Digital growth is strong in underdeveloped markets and expansionary categories. CFO Ivica Krolo explained that pricing is reviewed season-by-season, style-by-style, based on input costs to pass inflationary pressures. CEO Oliver Reichert confirmed a very strong holiday season in the Americas.
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