Crocs Inc. raised its outlook for the year after reporting third-quarter earnings and sales topped guidance.
“Our exceptional third quarter results, including record revenue and industry-leading adjusted operating margin of 28 percent are a testament to the strength of the Crocs and Heydude brands,” said Andrew Rees, Chief Executive Officer. “We are raising 2022 guidance following our strong back-to-school performance and 20 percent constant currency revenue growth in the Crocs Brand. We are confident in our ability to continue to gain significant market share, deliver best-in-class profitability, and generate strong cash flow.”
Third Quarter 2022 Highlights
- Consolidated revenues of $985.1 million increased 57.4 percent, or 63.0 percent on a constant currency basis, as compared to 2021.
- Crocs Brand quarterly revenues of $715.7 million increased 14.3 percent, or 19.9 percent on a constant currency basis, as compared to 2021. Direct-to-consumer (“DTC”) comparable sales increased 18.2 percent.
- Crocs Brand international revenues grew 43.7 percent, or 61.9 percent on a constant currency basis and North America DTC comparable sales rose 13.0 percent, as compared to 2021.
- Heydude Brand revenues were $269.4 million, up approximately 87 percent compared to 2021.
For more details about Crocs’ third quarter and 2022 outlook, check out the SGB Executive story here.
