Here are five things you need to know this morning.
Birkenstocks are having a moment. That clunky dad-sandal maker filed to go public yesterday and could be worth more than US$8 billion, according to Bloomberg. I conducted my usual due diligence: speaking to one 20-something-year-old in the newsroom. Sydney Punchard tells me Birkenstock definitely “slaps,” which apparently is a good thing. Here is the look: Birks, socks, a very large T-shirt and barely-there shorts. Definitely not a look for your dad, but a hit with the kids today.
It is also marks the first time in 14 months that inflation has increased from the prior reading. Now there will be all kinds of ways to torture the data, but the initial reaction is to see markets weaken. While the U.S. Federal Reserve is not expected to raise rates next week, we will watch for how today’s data could affect future decisions. So far, markets are stoic in the face of rising inflation. Core slowed, but at 4.3 per cent, it is still a problem.
Same-store sales popped 15.5 per cent and the company is lifting its sales outlook for the rest of the year. But , the outlook for sales growth of 10 to 11 per cent suggests a “moderating cadence,” according to RBC’s Irene Nattel. This could dampen the stock at the open, but investors will be looking for signs that this is just the company being conservative when the company’s earnings conference call begins at 10:30 a.m. EDT.
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