Crocs reports record quarterly revenues of over $1 billion

Footwear company Crocs Inc. announced on Thursday revenues for the second quarter totalled $1.072 billion, up 11.2%, on the back of double-digit sales growth across all brands. 

The Broomfield, Ohio-based company said sales at its namesake Crocs brand increased 13.8%, reaching $833 million. 

By region, North America revenues hit $474.6 million increasing 12.2%, while Asia Pacific revenues increased 33.2% to $198.3 million. Europe, Middle East, Africa, and Latin America revenues, however, fell to $160.1 million, a small decline of 0.2%. 

In addition, HeyDude brand revenues during the quarter increased 3% to $239.4 million. DTC revenues increased 29.7% to $90.6 million. Wholesale revenues declined 8.4% to $148.8 million following pipeline fill in the same period last year.

Overall, income from operations increased 28.4% to $318.5 million. Diluted earnings per share increased 31.4% to $3.39, as compared to $2.58 for the same period last year.

“We achieved record quarterly revenues of over $1 billion, representing growth of 12% on a constant currency basis to prior year. Both the Crocs and HeyDude brands continue to gain share and bring in new consumers with our comfortable offerings, as evidenced by DTC growth of 26% in the second quarter,” said Andrew Rees, chief executive officer. 

“We continue to invest behind our strategic priorities that are driving profitable growth.”

Looking ahead, Crocs said it expects third quarter of 2023 revenue growth to be between 3% to 5% compared to third quarter 2022, resulting in revenues of approximately $1,013 million to $1,034 million at current currency rates.

For the full year of 2023, the group is expecting to see revenue growth between 12.5 and 14.5 percent, with the Crocs brand to increase 12 to 13 percent and HeyDude revenue to climb between 14 and 18 percent.