"Our first quarter revenue growth of 47% on a constant currency basis is a testament to the underlying strength of the Crocs and Heydude brands. Consumer demand remains strong giving us the confidence to raise our full year outlook for revenue to approximately 3.5 billion US dollars, adjusted operating margin to 26% to 27%, and adjusted diluted earnings per share to 10.05 US dollars to 10.65 US dollars", commented Andrew Rees, Chief Executive Officer. 

First Quarter Results

In the first quarter of 2022, Crocs’ consolidated revenue totalled 660.1 million US dollars, up by 43.5%, or 46.7% on a constant currency basis, as compared to the same period of 2021. In this period, Crocs’ brand revenue grew by 18.5%, or 21.7% on a constant currency basis, reaching 545.2 million US dollars, and Heydude’s revenue amounted to 114.9 million US dollars (following the closing of the acquisition on the 17^th of February).

Direct-to-Consumer (DTC) revenue increased by 34.6% in the first quarter of the current fiscal year, totalling 229.0 million US dollars, as compared to revenue of 170.1 million US dollars in the same period of 2021. Wholesale revenue rose by 48.7% in this quarter, reaching 431.2 million US dollars, as compared to revenue of 290.0 million US dollars in similar period last year.

Crocs brand digital sales grew by 20.3%, or 23.5% on a constant currency basis, to represent 32.8% of Crocs Brand revenue versus 32.3% in the prior year. Heydude’s digital penetration corresponded to 25.9% of Heydude brand revenue.

On a comparable basis to the first quarter of 2021, North America region reported revenue of 319.5 million US dollars this quarter, reflecting growth of 19.5% on both reported and constant currency basis. Asia Pacific region recorded an increase of 16.0%, or 22.1% on a constant currency basis, in this period, reaching 95.8 million US dollars. In the EMEALA* region, revenue totalled 129.0 million US dollars, up by 17.9%, or 26.8% on a constant currency basis.

In the three months to 31^st of March, diluted earnings per share were 1.19 US dollars, as compared to 1.47 US dollars in the same period last year, thanks to "increased air freight and acquisition expenses". Adjusted diluted earnings per share grew by 37.6% to 2.05 US dollars, as compared to 1.49 US dollars in the first quarter of 2021.

Outlook

The company is anticipating revenue of around 918 million US dollars to 957 million US dollars in the second quarter of 2022, which indicates an increase of approximately 43% to 49%, as compared to the second quarter of last year.

For the current fiscal year, Crocs is expecting consolidated revenue of approximately 3.5 billion US dollars, reflecting growth between 52% to 55% over 2021.