(Il Sole 24 Ore Radiocor) - Milano, 21 mag - The German sandal maker Birkenstock said that it has entered into a 250 million dollar accelerated share repurchase (ASR) agreement with Goldman Sachs International.

"Short-term market dynamics have resulted in what we believe is a strong disconnect between our share price and the strength of our underlying fundamentals', said Oliver Reichert, Birkenstock's CEO.

"We believe deploying our substantial cash position toward repurchasing our own shares represents the most attractive use of capital in the current environment. Given the volatile environment of the capital markets, we will continue evaluating market conditions to take advantage of further opportunities for share repurchases in the future," he added.

"Our business continues to deliver outstanding performance and we see a huge runway for growth ahead for our beloved brand. We remain confident in our ability to achieve revenue growth of 13-15% annually in constant currency, while maintaining strong margins and strong free cash flow generation." Under the ASR agreement, Birkenstock is making on May 21 a payment of 250 million dollars to Goldman Sachs and expects to receive initial delivery of approximately 6.0 million Birkenstock ordinary shares representing approximately 80 percent of the number of ordinary shares initially underlying the agreement, based on the closing price of Birkenstock's ordinary shares of 33.21 dollars on May 20.

The transactions under the ASR agreement are expected to be.

completed before June 30.

(RADIOCOR) 21-05-26 13:34:01 (0488) 5 NNNN