World Footwear

Companies

Crocs lifts 2022 guidance

Nov 7, 2022 United States
Crocs lifts 2022 guidance
The US-based company posted once again a strong quarterly performance, with a revenue growth of 57.4% in the third quarter of 2022 over the same period of last year, raising its outlook in result
"Our exceptional third quarter results, including record revenue and industry-leading adjusted operating margin of 28% are a testament to the strength of the Crocs and Heydude brands. We are raising 2022 guidance following our strong back-to-school performance and 20% constant currency revenue growth in the Crocs Brand. We are confident in our ability to continue to gain significant market share, deliver best-in-class profitability, and generate strong cash flow", commented Andrew Rees, Chief Executive Officer of Crocs.

Third Quarter Results

In the third quarter of the current fiscal year, the company reported consolidated revenue of 985.1 million US dollars, which reflects an increase of 57.4% (or 63.0% on a constant currency basis), on a comparable basis to the same period of 2021. By channel, direct-to-consumer sales increased by 45.8% in this quarter, while wholesale revenue grew by 80.5%, as compared to the same quarter of the last fiscal year.

The Crocs brand contributed 715.7 million US dollars to the total revenue in the third quarter of 2022, up by 14.3% (or 19.9% on a constant currency basis), on a comparable basis to the same quarter of the prior fiscal year. The brand's revenue grew by 1.7% (or 1.8% on a constant currency basis) in North America, region amounting to 445.3 million US dollars, followed by the Asia Pacific region, with a revenue increase of 65.5% (or 82.3% on a constant currency basis), reaching 138.5 million US dollars; EMEALA* region’s revenue totalled 131.9 million US dollars, up by 26.2% (or 45.6% on a constant currency basis), year-over-year. In turn, Heydude brand's sales generated 269.4 million US dollars in revenue in this third quarter.

Crocs' gross margin contracted to 54.9% in the three months to the 30th of September from 63.9% in a similar period of fiscal 2021, and the adjusted gross margin was 55.1%, as compared to 62.4% in the same period of the previous year.

In the third quarter of 2022, the company's diluted earnings per share were 2.72 US dollars, on a comparable basis to 2.42 US dollars in the same quarter of the prior fiscal year; accordingly, adjusted diluted earnings per share grew by 20.2% to 2.97 US dollars, as compared to 2.47 US dollars in the same period of fiscal 2021.


Fiscal 2022 Outlook

Crocs raised its guidance for the full year 2022, and now expects consolidated revenue to reach approximately 3.455 billion US dollars to 3.520 billion US dollars, reflecting growth between 49% and 52%, as compared to 2021. Adjusted diluted earnings per share should range between 9.95 US dollars and 10.30 US dollars.


*Europe, Middle East, Africa, and Latin America


Image Credits: myfacehunter.com


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