Crocs reveals 'record' Q2 revenues
Footwear company Crocs Inc. has released its financial results for the second quarter, revealing a 50.5% increase in revenue to £794.3 million ($964.6 million).
For Q2 2022, the company also shared the following results:
- Revenue at Crocs increased 14.3% to £602.9 million ($732.2 million)
- Revenue at HEYDUDE increased 96% to £191.3 million ($232.4 million)
- Digital sales at Crocs grew 16.8%, representing 37.2% of brand revenue
- Crocs brand wholesale revenue increased 27.7%
- Crocs brand DTC comparable sales increased 7.5%
The company's gross margin was 51.6%, compared to 61.7% in 2021. Crocs gross margin was 57.7%, 400 basis points lower than the previous year due to freight headwinds, partially offset by increased prices and product mix.
Looking ahead, the company expects 2022 consolidated revenue between £2.795 billion ($3.395 billion) to £2.886 billion ($3.505 billion), representing growth of 47% to 52% compared to 2021. For its Crocs brand, the company anticipates revenue between £2.095 billion ($2.545 billion) to £2.153 billion ($2.615 billion).
Andrew Rees, CEO of Crocs Inc., said: "I am very proud of our second quarter results. I am particularly excited by record revenues for the Crocs brand and the strong growth internationally. HEYDUDE continues to outperform our expectations.
"We have two incredibly strong brands that are well positioned to meet the needs of our core consumer with our value and comfort proposition. The consumer demand for both our brands is exceptional and we expect both brands to gain market share in this dynamic environment. We remain incredibly confident in our long term growth and our ability to generate best-in-class profitability."