Crocs, Inc. Reports Better-Than-Expected First Quarter Results Fueled by Outperformance in Both Crocs and HEYDUDE Brands

About this update from Crocs, Inc.

[{"type":"text","content":"BROOMFIELD, Colo., May 8, 2025 /PRNewswire/ -- Crocs, Inc. (NASDAQ: CROX), a world leader in innovative casual footwear for all, today announced its first quarter 2025 financial results.\n\"We are incredibly proud of our better-than-expected first quarter performance despite what has been an increasingly volatile macroeconomic backdrop since the onset of the year. Both our Crocs and HEYDUDE brands contributed to the outperformance with gross margins, operating margins, adjusted earnings per share, and cash flow coming in above plan. Our financial strength enabled us to return shareholder value through $61 million in share repurchases, while remaining well within our net leverage target range,\" said Andrew Rees, Chief Executive Officer.\nMr. Rees continued, \"While we are pleased by the performance of our overall business in April, the new global trade environment as well as business and consumer uncertainty, has made it challenging to predict how consumers may respond in the future. Amid this heightened operating backdrop, we are withdrawing our guidance for 2025. We are committed to remaining transparent to our investment community, our consumers, and our customers as we work to chart a winning course.\"\n\"We have a proven track record of coming out of periods of uncertainty stronger than when we entered them. I believe the current reality presents an opportunity to gain market share, as we focus on what we can control and lean into our clear, competitive advantages.\"\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.\nFirst Quarter 2025 Operating Results (Compared to the Same Period Last Year)\nConsolidated revenues were $937 million, approximately flat, or an increase of 1.4% on a constant currency basis. Direct-to-consumer (\"DTC\") revenues grew 2.3%, or 3.5% on a constant currency basis. Wholesale revenues contracted 1.6%, or approximately flat on a constant currency basis.Gross margin was 57.8% compared to 55.6%. Adjusted gross margin grew 180 basis points to 57.8% compared to 56.0%.Selling, general, and administrative expenses (\"SG&A\") of $319 million increased 7.8% from $296 mi...

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