Crocs, Inc. Reports First Quarter Revenue Growth of 34% and Raises Full Year Guidance

About this update from Crocs, Inc.

[{"type":"text","content":"BROOMFIELD, Colo., April 27, 2023 /PRNewswire/ -- Crocs, Inc. (NASDAQ: CROX), a world leader in innovative casual footwear for women, men, and children, today announced its first quarter 2023 financial results.\n\"Our exceptional first quarter results are a testament to the strength of our brands. The Crocs Brand grew 19.0% as we see a strong consumer response to our new clog and sandal introductions. The HEYDUDE brand is gaining momentum and experienced outstanding DTC growth,\" said Andrew Rees, Chief Executive Officer. \"We are raising our 2023 revenue growth outlook to now be 11% to 14%, resulting in revenues of approximately $4.0 billion, reflecting our confidence in our ability to continue to gain market share, deliver best-in-class profitability, and generate strong cash flow.\"\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 2023 Highlights\nConsolidated revenues of $884.2 million increased 33.9%, or 36.2% on a constant currency basis, as compared to 2022.Crocs Brand revenues of $648.8 million increased 19.0%, or 21.6% on a constant currency basis, as compared to 2022.Crocs Brand international revenues grew 31.8%, or 37.7% on a constant currency basis, and North America DTC comparable sales rose 12.1%, as compared to 2022.HEYDUDE Brand revenues were $235.4 million, up 104.8% compared to the partial period beginning on February 17, 2022, the date of acquisition, through March 31, 2022.Operating margin was 26.6% and adjusted operating margin was 27.9%.Diluted earnings per share of $2.39 increased 100.8% as compared to the same period last year. Adjusted diluted earnings per share increased 27.3% to $2.61.First Quarter 2023 Operating Results\nRevenues were $884.2 million, an increase of 33.9% from the same period last year, or 36.2% on a constant currency basis. Direct-to-consumer (\"DTC\"), which includes retail and e-commerce, revenues grew 33.5%, or 35.1% on a constant currency basis. Wholesale revenues grew 34.2% compared to 2022, or 36.9% on a constant currency basis.Gross margin was 53.9% compared to 49.2%, and adjusted gross margin was 54.2% compared to 53.9% in...

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