From Charles to Derby, Day for Fancy Hats to Rule

Singer Katy Perry is photographed after the coronation ceremony of Britain's King Charles III at Westminster Abbey in London Saturday, May 6, 2023. (AP Photo/Kirsty Wigglesworth, Pool)
Singer Katy Perry is photographed after the coronation ceremony of Britain's King Charles III at Westminster Abbey in London Saturday, May 6, 2023. (AP Photo/Kirsty Wigglesworth, Pool)
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From Charles to Derby, Day for Fancy Hats to Rule

Singer Katy Perry is photographed after the coronation ceremony of Britain's King Charles III at Westminster Abbey in London Saturday, May 6, 2023. (AP Photo/Kirsty Wigglesworth, Pool)
Singer Katy Perry is photographed after the coronation ceremony of Britain's King Charles III at Westminster Abbey in London Saturday, May 6, 2023. (AP Photo/Kirsty Wigglesworth, Pool)

If ever there was a banner day for hats — wild and colorful hats — it was Saturday, the dual spectacle of King Charles III's coronation and the celebration that IS the Kentucky Derby.

Katy Perry donned a wide lilac hat to go with her matching bespoke jacket and skirt by Vivienne Westwood, her chin up as she peered under its flat, tilted brim while she searched for her seat at Westminster Abbey (yes, there were memes), The Associated Press said.

And there was Princess Anne, the king's sister, in a two-pointed military topper with tall red feathers that blocked Prince Harry's view from the third row (more memes ensued). Sorry, Harry, she was chosen as Gold Stick in Waiting and holds a variety of military titles.

It's tradition, of course, to wear hats to coronations and other formal royal affairs, but the thousands who gathered on the streets to celebrate went all out with head gear, from fake golden crowns to novelty deeley bobbers (those springy headband things) and hats of all kinds with motifs featuring the British flag.

Speaking of hats of all kinds, the Kentucky Derby is arguably the world’s most famous horse race. It’s also a chance for racegoers to strut their fashion stuff.

Seersucker suits, floral dresses and bright colors abound, but racegoers famously elevate their style to another level with their grand collections of hats and fascinators.

Men tend to favor fedoras or bowlers, while women sport designs featuring feathers and flowers in every shape, color and size. Bigger is often better when it comes to Derby hats.

The event has appointed an official milliner, or hatmaker, every year since 2018. But in a sign of their growing importance at the Kentucky Derby, it named three milliners for the 2023 event: Christine Moore, Jenny Pfanenstiel and The Hat Girls.

The tradition of wearing hats to the Derby began with its first running in 1875.



Birkenstock Results Beat on Resilient Demand, Forecasts Margin Recovery

A Birkenstock shoe is displayed at Birkenstock shoe store in London, Britain, October 11, 2023. (Reuters)
A Birkenstock shoe is displayed at Birkenstock shoe store in London, Britain, October 11, 2023. (Reuters)
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Birkenstock Results Beat on Resilient Demand, Forecasts Margin Recovery

A Birkenstock shoe is displayed at Birkenstock shoe store in London, Britain, October 11, 2023. (Reuters)
A Birkenstock shoe is displayed at Birkenstock shoe store in London, Britain, October 11, 2023. (Reuters)

Birkenstock beat market expectations for fourth-quarter results on robust demand for its pricey footwear and forecast a recovery in margins in fiscal 2025, sending the company's shares up 7% on Wednesday.

With fresh styles becoming a priority for consumers, Birkenstock's sandals and closed-toe clogs have drawn new customers both at its own stores and at retailers.

The company bypassed steep discounting trends evident during the holiday shopping season, which Birkenstock executives said was off to a strong start globally.

"The expansion of ranges into more closed-toe silhouette has helped boost revenue, given that they offer multi-season wear," Susannah Streeter, head of money and markets at Hargreaves Lansdown, said.

Germany-based Birkenstock's average selling prices across its product range were up 8% in fiscal 2024, in part due to higher sales of clogs, the company said, adding that closed-toe styles now made up about a third of its business.

The company has invested in expanding its global store presence and increasing manufacturing capacity this year to meet demand.

While it led to a 330-basis point drop in gross margins in fiscal 2024, Birkenstock forecast a recovery in margins in fiscal 2025 as it ramps up production from new facilities.

The company reported fourth-quarter revenue of 455.8 million euros ($478.27 million), compared with the average analyst estimate of 439.2 million euros, according to data compiled by LSEG.

However, Birkenstock's forecast for fiscal 2025 revenue to increase between 15% and 17% was below estimates of 17.5% growth.

"It would appear with this incredibly healthy growth, the company is choosing to adopt a conservative approach that they expect to be able to meet and beat," BMO Capital Markets analyst Simeon Siegel said.

On an adjusted basis, Birkenstock earned 0.29 euro per share, beating estimates of 0.26 euro.