Shares of shoe company Birkenstock (NYSE: BIRK) hit all-time highs on Thursday after the company reported financial results for its fiscal second quarter of 2024. The stock rose as much as 15% before settling for a 12% gain by the time the market closed for the day.

Birkenstock clearly doesn't have a demand problem, which is encouraging for a shoe company that's been in business for 250 years. In Q2, the company had record revenue of 481 million euros (about $521 million), which was up 22% year over year.

Birkenstock's Q2 gross margin took an unexpected step back. It had a 56% margin in Q2 compared to a nearly 60% margin in the prior-year period. But management pointed to temporary issues and still expects to hit a 60% gross margin in the medium term, which might explain why investors were willing to look past the issue.

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Source Fool.com