Birkenstock misses sales estimates as consumers cut back on spending

(Reuters) – Birkenstock missed expectations for third-quarter revenue on Thursday as customers held back from spending on pricey footwear, such as the German sandal maker’s cork-based shoes, amid still-high costs of living.

The company reported quarterly revenue of 564.8 million euros ($626.1 million), compared with analysts’ estimates of 565.2 million euros, according to LSEG data.

($1 = 0.9021 euros)

(Reporting by Ananya Mariam Rajesh in Bengaluru; Editing by Shounak Dasgupta)