Crocs posts record-breaking sales, strong gains across all brands, channels

By

Benjamin Fitzgerald

Published
Nov 4, 2022

U.S. footwear giant Crocs Inc. announced on Thursday record-breaking revenues for the recently ended third quarter, on the back of double-digit sales growth across all brands and channels.

The Broomfield, Colorado-based company reported consolidated revenues of $985.1 million for the quarter ending September 30, an increase of 57.4%, compared to 2021.

Crocs brand quarterly revenues were $715.7 million, up14.3%, while direct-to-consumer comparable sales increased 18.2%. Crocs brand international revenues grew 43.7%, and North America direct-to-consumer comparable sales rose 13%, as compared to 2021.

HeyDude brand revenues surged 87% to $269.4 million, the company added.

Company net income grew to $169.3 million, compared to $153.5 million in the prior-year quarter, while diluted earnings per share were $2.72, as compared to $2.42 during the same period last year. 

​"Our exceptional third quarter results, including record revenue and industry-leading adjusted operating margin of 28% 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% 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."

Looking ahead, Crocs said it now expects 2022 consolidated revenues to be approximately $3.455 to $3.520 billion, representing growth between 49% and 52%, compared to 2021.