World Footwear

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Crocs hits quarterly revenue of more than 1 billion USD

Jul 28, 2023 United States
Crocs hits quarterly revenue of more than 1 billion USD
The US-based footwear company posted a revenue growth of 11.2% in the second quarter of fiscal 2023, reaching 1.07 billion US dollars, as compared to the same period of 2022
“We achieved record quarterly revenues of over 1 billion US dollars, representing growth of 12% on a constant currency basis to prior year. Both the Crocs and Heydude brands continue to gain share and bring in new consumers with our comfortable offerings, as evidenced by DTC growth of 26% in the second quarter”, commented Andrew Rees, Chief Executive Officer of Crocs.


Second Quarter Results

The company's consolidated revenue amounted to 1.07 billion US dollars in the second quarter of the current fiscal year, growing by 11.2%, or 12.0% on a constant currency (cc) basis, as compared to the second quarter of 2022.

In the three months to the 30th of June, Crocs brand posted a revenue of 833.0 million US dollars, up by 13.8%, or 14.9% (cc), on a comparable basis to a similar period of the previous year. It performed especially well in the Asia Pacific region, with the revenue increasing year-over-year by 33.2%, or 39.0% (cc). Meanwhile, Heydude's revenue rose by 3.0% totalling 239.4 million US dollars, on a comparable basis to a similar period of the previous year.

By channel, the company's DTC revenue, which includes retail and e-commerce rose by 26.0%, or 27.2% (cc), in the second quarter of the current fiscal year, while wholesale revenue increased only by 0.2%, or 0.8% (cc), over the same period of the previous year.

Crocs' second quarter gross margin was 57.9%, as compared to 51.6% in the same period of the prior year, with its adjusted gross margin improving year-over-year by 290 points to 58.1%.

The footwear company also reported an increase in income from operations of 28.4% to 318.5 million US dollars in the second quarter of 2023, as compared to the same period of last year, with the operating margin widening to 29.7%, “due to higher gross margin and significantly less Heydude acquisition expenses”. Furthermore, its adjusted income from operations was 324.6 million US dollars, up by 11.7% year-over-year, and the adjusted operating margin improved 20 basis points to 30.3%.

In the second quarter of the year, Crocs' diluted earnings per share increased by 31.4% to 3.39 US dollars, on a comparable basis to 2.58 US dollars in a similar period last year. Accordingly, its adjusted diluted earnings per share were up by 10.8% year-over-year in this period to 3.59 US dollars.

Third Quarter Guidance

The US-based footwear company is expecting its revenue to grow by approximately 3% to 5%, as compared to the same period in 2022, resulting in a revenue of between 1.01 billion US dollars and 1.03 billion US dollars. Adjusted diluted earnings per share are anticipated in the range of 3.07 US dollars to 3.15 US dollars.


Image Credits: people.com

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