Birkenstock Holding (NYSE:BIRK) reported fiscal first-quarter revenue and adjusted EBITDA that exceeded expectations, affirming its 2024 forecast. However, the company’s shares dropped more than 6% intra-day today.

The company disclosed a per-share loss of $0.04 for the quarter, with revenue reaching $302.9 million, marking a 26% increase from the previous year and exceeding the $288.2 million forecast.

The company highlighted a 30% growth in direct-to-consumer (DTC) sales on a constant currency basis, raising DTC's revenue share by 100 basis points to 53%. Additionally, there was a 22% increase in business-to-business (B2B) revenue, also on a constant currency basis.