Jan 18 Reuters Birkenstock forecast annual sales above analysts39; estimates on Thursday, buoyed by higher pricing and strong demand for its sandals and clogs, but warned margins could come under pressure from investments to expand globally.

Shares of the German luxury footwear maker, which reported its first results since going public, fell about 5 in premarket trading as quarterly profit also missed estimates.

The stock ended about 19 higher in 2023 after a weak market debut in October.

The results come against the backdrop of ebbing global luxury demand and also follow lackluster sales expectations from Nike and JD Sports Fashion.

Demand for Birkenstock39;s footwear, which retails for as much as 350 a pair, has been fortified by a postpandemic move away from formal dressing to a more casual and informal wear, and the company has boosted sales through its own website and stores.

Sales through its own website and stores jumped 29 during the fourth quarter and accounted for about 40 of total 2023 revenue.

Quarterly revenue rose 16.5 to 374.54 million euros 407.7 million, topping market expectations of 357.39 million euros, according to LSEG data.

But adjusted profit per share of 0.14 euros missed estimates of 0.17 euros.

Sales in the Americas region jumped 30 to 187.24 million euros during the fourth quarter and the company also highlighted China and India as key growth drivers.

Birkenstock forecast fiscal 2024 revenue to be between 1.74 billion euros and 1.76…