Crocs reports 43.5% increase in Q1 revenues

Footwear retailer Crocs, which owns the Crocs and Heydude brands, has announced its first quarter 2022 financial results, revealing a 43.5% increase in revenues against 2021.

Andrew Rees, Chief Executive Officer said the results were a "testament to the underlying strength of the Crocs and Heydude brands" and highlighted that the positive outlook and consistent "strong" consumer demand has given the company confidence to raise its full year outlook to £2.8 billion.

Results:

• Consolidated revenues of £530 million, a 43.5% increase against 2021
• Crocs Brand revenues increased by 18.5% to £438 million against 2021
• Heydude Brand revenues were £92 million for the period following its acquisition
• DTC revenues grew 34.6% as compared to 2021
• Income from operations declined to £95.4 million due to "increased air freight and acquisition expenses"
• Crocs Brand digital sales grew by 20.3% to represent 32.8% of total revenues

For the full year 2022 the business expects its consolidated revenues to reach £2.8 billion, representing growth between 52% and 55% compared to 2021. For the Crocs Brand, excluding Heydude, it expects revenue growth to exceed 20% against 2021. Revenues for the Heydude brand will be approximately between £603 and £643 million.

For the Crocs Brand revenue growth will be about 12% to 15%, with revenues £579 to £594 million. It further estimates that the impact of pausing trade Russia was approximately £16.1 million.