Follow us

Menu
PARTNER WITH USFREE NEWSLETTER
VISIT TheIndustry.beauty

Crocs raises guidance after Q3 sales rise

Sophie Smith
03 November 2022

Footwear company Crocs Inc. has reported a 57.4% increase in group revenue to £878.7 million ($985.1 million) for the third quarter of 2022.

The Crocs brand saw total revenue increase 14.3% to £638.4 million ($715.7 million), with EMEALA revenue up 26.2% to £117.6 million ($131.9 million). Wholesale rose by 14.1% and DTC by 18.2%.

Gross margin for the Crocs brand was 57.3%, 660 basis points lower than Q3 2021. This was driven by 200 basis points of inflationary costs and 270 basis points of higher freight and inventory handling costs.

The HeyDude brand reported revenue of £240.3 million ($269.4 million). Wholesale revenue totalled £162.1 million ($181.8 million) and DTC revenue was ($87.6 million).

Looking ahead, Crocs now expects revenue growth between 49-52% to £3-3.1 billion ($3.4-$3.5 billion) for the full year. Revenue for the Crocs brand is expected to grow 17% on a constant currency basis to £2.32-2.33 billion ($2.605-$2.63 billion).

Andrew Rees, CEO of Crocs, said: "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.

"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."

Crocs Inc's Q3 trading update follows the company's "record" financial results for the second quarter, revealing a 50.5% increase in revenue to £794.3 million ($964.6 million).

Free NewsletterVISIT TheIndustry.beauty
cross