World Footwear

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Crocs reports record revenue and raises 2021 guidance

Apr 29, 2021 United States
Crocs reports record revenue and raises 2021 guidance
Revenue of the company famous for its clogs in the first three months of the fiscal year totalled 460.1 million US dollars, an increase of 63.6% from similar period last year. The company took the opportunity to raise its guidance for the full year
"Demand for the Crocs brand is stronger than ever with expected 2021 revenue growth of 40% to 50%. In the first quarter we achieved record revenues and profitability, with growth in all regions and all channels. We have raised full year guidance as we continue to see consumer demand for our product accelerate globally", commented Andrew Rees, Chief Executive Officer.

First Quarter Results

Crocs’ revenue in the first three months of the fiscal year totalled 460.1 million US dollars, an increase of 63.6% from similar period last year, or 60.5% on a constant currency basis. Direct-to-consumer ("DTC") grew by 93.3% and wholesale increased by 50.1%.

Income from operations grew to 124.7 million US dollars from 20.8 million US dollars in similar period last year, while operating margin expanded to 27.1% from 7.4%. Adjusted income from operations rose 376.9% to 125.7 million US dollars and adjusted operating margin was 27.3% compared to 9.4% for the same period last year.

Diluted earnings per share increased 818.8% to a quarterly record of 1.47 US dollars, as compared to 0.16 US dollars for the same period last year. Adjusted diluted earnings per share were 1.49 US dollars, or 577.3% above the 0.22 US dollars for the same period last year.


Geographic Summary

In the Americas, revenue reached 276.4 million US dollars, increasing by 87.5% on a constant currency basis. In Asia Pacific, revenue totalled 82.6 million US dollars in the period, growing by 20.1% on a constant currency basis. In the EMEA, revenue totaled 101.1 million US dollars, up by 41.0% on a constant currency basis.

Channel Summary

DTC revenue increased by 93.3% to 170.1 million US dollars compared to 88.0 million US dollars for the same period last year, and Wholesale revenue increased by 50.1% to 290.0 million US dollars compared to 193.2 million US dollars for the same period last year.

Financial Outlook

With respect to the second quarter of 2021, Crocs expects revenue growth to be between 60% and 70% compared to second quarter 2020 revenue of 331.5 million US dollars. For the full year 2021, the company expects revenue growth to be between 40% and 50% compared to 2020 revenue of 1.39 billion US dollars.

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