World Footwear

Companies

Crocs: third quarter revenue grew by 16%

Oct 28, 2020 United States
Crocs: third quarter revenue grew by 16%
Revenue totaled 361.7 million US dollars, an increase of 15.7% from the same period last year, or 15.9% on a constant currency basis. E-commerce revenue grew by 36.3%, while wholesale increased by 12.4% and retail went up by 8.9%
"We achieved record third quarter revenue and EPS despite the challenges presented by the global COVID-19 pandemic. Our extraordinary performance and strong cash flow generation demonstrates the strength of the Crocs brand and product offering globally. I am tremendously proud of how we have executed as a team and am excited for our future", commented Andrew Rees, Chief Executive Officer.

Operating Results

Revenue totaled 361.7 million US dollars, an increase of 15.7% from the same period last year, or 15.9% on a constant currency basis. Gross margin of 57.2% increased 480 basis points compared to 52.4% in the same period last year. Adjusted gross margin of 57.4% rose 380 basis points from the same period last year. Income from operations increased 80.7% to 72.1 million US dollars from 39.9 million US dollars for the same period last year. Operating margin rose 710 basis points to 19.9%. Adjusted income from operations rose 69.7% to 75.4 million US dollars and adjusted operating margin was 20.8% compared to 14.2% for the same period last year. Diluted earnings per share increased 78.4% to a quarterly record of 0.91 US dollars, as compared to 0.51 US dollars for the same period last year. Adjusted diluted earnings per share were 0.94 US dollars, or 64.9% above the 0.57 US dollars for the same period last year.

Geographic Summary

In the Americas revenue reached 234.0 million US dollars increasing by 27.3% on a constant currency basis. In Asia Pacific revenue totalled 67.7 million US dollars decreasing by d 9.0% on a constant currency basis and in the EMEA revenue of 60.0 million US dollars increased by 10.7% on a constant currency basis.

Channel Summary

Revenue in wholesale increased by 12.4% to 164.5 million compared to 146.4 million US dollars in similar period last year. Retail revenue increased by 8.9% to 117.2 million US dollars compared to 107.6 million US dollars for similar period last year. E-Commerce revenue increased by 36.3% to 80.0 US dollars million compared to 58.7 million US dollars in the third quarter of the previous year. Digital sales, which includes sales through company-owned websites, third party marketplaces, and e-tailers, grew by 35.5% to 37.7% of total revenues versus 32.2% for the same period last year. Direct-to-consumer comparable sales, which includes retail and e-commerce, grew 23.8% versus 15.9% for the same period last year.

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