{"id":219026,"date":"2022-11-03T15:07:14","date_gmt":"2022-11-03T15:07:14","guid":{"rendered":"https:\/\/www.theindustry.fashion\/?p=219026"},"modified":"2022-11-03T19:39:31","modified_gmt":"2022-11-03T19:39:31","slug":"crocs-raises-guidance-after-q3-sales-rise","status":"publish","type":"post","link":"https:\/\/www.theindustry.fashion\/crocs-raises-guidance-after-q3-sales-rise\/","title":{"rendered":"Crocs raises guidance after Q3 sales rise"},"content":{"rendered":"

Footwear company Crocs Inc. has reported a 57.4% increase in group revenue to \u00a3878.7 million ($985.1 million) for the third quarter of 2022.<\/strong><\/p>\n

<\/p>\n

The Crocs<\/a><\/span> brand saw total revenue increase 14.3% to \u00a3638.4 million ($715.7 million), with EMEALA revenue up 26.2% to \u00a3117.6 million ($131.9 million). Wholesale rose by 14.1% and DTC by 18.2%.<\/p>\n

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.<\/p>\n

The HeyDude<\/a><\/span> brand reported revenue of \u00a3240.3 million ($269.4 million). Wholesale revenue totalled \u00a3162.1 million ($181.8 million) and DTC revenue was ($87.6 million).<\/p>\n

Looking ahead, Crocs now expects revenue growth between 49-52% to \u00a33-3.1 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 \u00a32.32-2.33 billion ($2.605-$2.63 billion).<\/p>\n

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.<\/p>\n

\"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.\"<\/p>\n

Crocs Inc's Q3 trading update follows the company's \"record\" financial results for the second quarter<\/a><\/span>, revealing a 50.5% increase in revenue to \u00a3794.3 million ($964.6 million).<\/p>\n","protected":false},"excerpt":{"rendered":"

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