Crocs reports record Q3 results
Casual footwear brand Crocs has today announced its third quarter 2020 financial results, reporting record revenues at $361.7 million, after record third quarter revenues were also achieved in 2019.
Revenues increased 15.7%, or 15.9% on a constant currency basis, with growth in all three channels.
Digital sales grew 35.5% to represent 37.7% of revenue, whilst retail comparable store sales grew 16.2%.
By region, Crocs’ quarterly revenues increased 27.3% on a constant currency basis in America, totalling $234.0 million, while Asia Pacific saw a 9.0% rise in revenues to $67.7 million. In Europe, Middle East and Africa (EMEA), the company’s revenues increased 10.7% to $60.0 million.
Andrew Rees, Crocs Chief Executive Officer, said: "We achieved record third quarter revenue and EPS despite the challenges presented by the global COVID-19 pandemic. Our extraordinary performance and strong cash flow generation demonstrates the strength of the Crocs brand and product offering globally. I am tremendously proud of how we have executed as a team and am excited for our future."
Crocs also reports that fourth quarter revenue is expected to grow between 20% and 30% compared to 2019, translating into full year 2020 revenue growth of approximately 5% to 7%.
