World Footwear

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Crocs reports record revenue

Jul 27, 2021 United States
Crocs reports record revenue
The US-based brand of casual footwear reaffirms its momentum with record second quarter revenues of 640.8 million US dollars, despite supply chain disruptions. Revenue growth was strong across all regions
“We continue to see strong consumer demand for the Crocs brand globally. On the back of record second quarter results and continued momentum, we are raising our full year 2021 guidance”, said Andrew Rees, Chief Executive Officer. In a conference call, Rees has expressed concern about the short-term impacts of COVID-19, recalling that “global logistics remain challenging and volatile”, but noting that these same supply challenges were already factored into the raised guidance, remaining thus optimistic.

In the second quarter of the current fiscal year, Crocs’ revenue increased by 93.3%, or 88.4% on a constant currency basis as compared to 2020, adding up to a total of 640.8 million US dollars. Direct-to-consumer sales grew by 78.6% compared to 2020, representing 52% of second quarter revenue and wholesale revenue increased by 112.1%.

In the Americas, revenue reached 405.7 million US dollars, increasing by 135.6% on a constant currency basis. In the Asia Pacific region, revenue totaled 126.8 million US dollars, having grown at a 27.1% rate, on a constant currency basis. In the EMEA, revenue corresponded to 108.3 million US dollars, up by 52.6% on a constant currency basis.

Operating income more than tripled to 195.3 million US dollars, as compared to the same period last year (56.6 million US dollars), and operating margins expanded to 30.5% from 17.1%. Adjusted income from operations rose 166.1% to 196.4 million US dollars, and the adjusted operating margin was 30.7% compared to 22.3% for the same period in 2020.

Diluted earnings per share
totaled 4.93 US dollars, as compared to 0.83 US dollars for the same period last year. Adjusted diluted earnings per share were 2.23 US dollars, up 1.22 US dollars compared to 1.01 US dollars for the same period in 2020.

Regarding the third quarter of fiscal 2021, Crocs expects revenue growth to be between 60% and 70% compared to revenue of 361.7 million US dollars in the third quarter of 2020. For the full year 2021, the company expects revenue growth to be between 60% and 65% compared to 2020 revenue of 1.386 billion US dollars.

Image credits: www.lazada.com.ph

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