Crocs raises full-year outlook as Q1 revenues rise

Crocs, Inc. has reported a 33.9% increase in revenue to £709 million ($884.2 million), revealing growth across both its Crocs and HeyDude brands. 

The company's direct-to-consumer channel saw revenue rise 33.5%, whilst wholesale was up 34.2% compared to Q1 2022.

The Crocs brand saw total revenue increase 19% to £519 million ($648.8 million), with EMEALA revenue up 21.2% to £126 million ($157.5 million). Wholesale rose by 19.3% and DTC by 19.2%.

The HeyDude brand reported revenue of £188 million ($235.4 million). Wholesale revenue totalled £134 million ($167.9 million) and DTC revenue was £54 million ($67.5 million).

Looking ahead, Crocs now expects full-year revenue growth between 11% to 14%, resulting in revenue of approximately £3.1-£3.2 billion ($3.9-$4 billion). It also anticipates revenue for the Crocs brand to grow 7% to 9%.

Andrew Rees, CEO of Crocs, said: "Our exceptional results are a testament to the strength of our brands. The Crocs brand grew 19% as we see a strong consumer response to our new clog and sandal introductions. The HeyDude brand is gaining momentum and experienced outstanding DTC growth.

"We are raising our 2023 revenue growth outlook reflecting our confidence in our ability to continue to gain market share, deliver best-in-class profitability, and generate strong cash flow."

Earlier this month, Crocs formed a two-year partnership with industrial designer Salehe Bembury. He will become Creative Director of the Crocs x Pollex Pod collection.