Crocs hits revenues over one billion dollars for Q2 2023

Footwear specialist Crocs reported its financials for Q2, during which time it said that it hit “record” quarterly revenues of over one billion dollars, representing a 12 percent growth on the year prior.

The Crocs brand welcomed a 13.8 percent revenue increase to 833 million dollars, driven by Asia – where revenues grew 33.2 percent – and North America DTC, which saw a sales growth of 12.9 percent.

Meanwhile, the Heydude brand saw DTC revenues grow 29.7 percent, with digital revenues also increasing 36.7 percent.

The company’s gross margin was reported to be 57.9 percent, compared with 51.6 percent in the previous year, while its selling, general and administrative expenses increased from 249.8 million dollars to 302.8 million dollars.

Crocs’ diluted earnings per share were also on the rise, increasing from 31.4 percent to 3.39 dollars, compared to its previous 2.58 dollars.

Crocs expects FY23 revenue to increase by over 12.5 percent

Its cash and cash equivalents were 166.2 million dollars as of June 30, 2023, a drop of just under 30 million dollars.

For the third quarter, Crocs said it is anticipating further growth of 3 to 5 percent, with revenues expected to sit between 1,013 and 1,034 million dollars, while its adjusted operating margin is forecast to come in at around 27 percent.

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 anticipated to increase 12 to 13 percent and Heydude revenue to also grow between 14 and 18 percent.

Its adjusted operating margin is now to be approximately 27.5 percent, while its adjusted diluted earnings per share is expected to be between 11.83 dollars and 12.22 dollars.