Crocs, Inc. Delivers Record Fourth Quarter and Full Year 2023 Revenue and EPS

About this update from Crocs, Inc.

[{"type":"text","content":"Reiterates Full Year 2024 Revenue Growth of 3% to 5%\nBROOMFIELD, Colo., Feb. 15, 2024 /PRNewswire/ -- Crocs, Inc. (NASDAQ: CROX), a world leader in innovative casual footwear for all, today announced its fourth quarter and full year 2023 financial results.\n\"We delivered a record year for Crocs Inc. capped off by a strong fourth quarter that exceeded expectations across all metrics. Revenues of nearly $4 billion grew over 11% underpinned by industry-leading operating margins and double-digit earnings per share growth. Crocs Brand grew across all regions and channels, highlighting the power of our strategy and disciplined execution. We made good progress in the fourth quarter towards returning our HEYDUDE Brand to a pull-market position resulting in improved gross margins and healthy inventory levels exiting the year,\" said Andrew Rees, Chief Executive Officer. \"We are starting off 2024 from a position of strength and taking the opportunity to reinvest into several key strategic areas as we continue to lay the foundation for durable market share gains.\"\nAmounts referred to as \"Adjusted\" or \"Non-GAAP\" are Non-GAAP measures and include adjustments that are described under the heading \"Reconciliation of GAAP Measures to Non-GAAP Measures.\" A reconciliation of these amounts to their GAAP counterparts are contained in the schedules below.\nFourth Quarter 2023 Operating Results \nRevenues were $960 million, an increase of 1.6% from the same period last year, or 1.5% on a constant currency basis. Direct-to-consumer (\"DTC\") revenues grew 6.8% and wholesale revenues contracted 4.6%. By brand, Crocs revenues were $732 million, an increase of 10.0% from the same period last year, or 9.9% on a constant currency basis. HEYDUDE revenues were $228 million, a decrease of 18.5% from the same period last year, or 18.7% on a constant currency basis.Gross margin was 55.3% compared to 52.5% in the prior year. Adjusted gross margin improved 240 basis points to 55.7% compared to 53.3% in the same period last year.Selling, general, and administrative expenses (\"SG&A\") of $321 million increased from $276 million in the same period last year, and SG&A as a percent of revenues rose to 33.5% from 29.2% in prior year. Adjusted SG&A increased to 31.6% of revenues versus 27.3% for the same period last year.Income from operations decreased 4.8% ...

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