The Globe and Mail reports in its Friday edition that Birkenstock Holding warned on Thursday annual earnings would come under pressure as it embarks on a global expansion, disappointing investors with its first results since its initial public offering and sending shares tumbling as much as 14 per cent. A Reuters dispatch to The Globe reports that executives on a call said the company planned to raise prices on its sandals and clogs this year after it had "underestimated the inflation effects" in fiscal 2023. The margin outlook for 2024 is "conservative," executives said. "The company is guiding to a hurdle with respect to taking profitability down more than expected next year," said Jason Benowitz, senior portfolio manager at CI Roosevelt, which is a unit of CI Financial. So over all "these results were just not strong enough to sort of justify the current premium that was in the shares." The stock ended about 19 per cent higher in 2023 after a weak market debut in October. Artemis Fund manager Swetha Ramachandran said, "The IPO price had already baked in a lot in terms of future upside, and until we see the company deliver as well as exceed those expectations it's hard to see the share price move further."