Business
Crocs, Inc. Reports Record Second Quarter Revenues and Raises Full Year 2024 Earnings Per Share Outlook
Second Quarter Revenues Increased 4% Over Last Year To $1,112 Million Second Quarter Diluted EPS Up 11% to $3.77 and Adjusted Diluted EPS Up 12% to
About this update from Crocs, Inc.
[{"type":"text","content":"Second Quarter Revenues Increased 4% Over Last Year To $1,112 Million Second Quarter Diluted EPS Up 11% to $3.77 and Adjusted Diluted EPS Up 12% to $4.01BROOMFIELD, Colo., Aug. 1, 2024 /PRNewswire/ -- Crocs, Inc. (NASDAQ: CROX), a world leader in innovative casual footwear for all, today announced its second quarter 2024 financial results.\n\"We reported record second quarter results on both the top and bottom line which exceeded our guidance on all Enterprise metrics,\" said Andrew Rees, Chief Executive Officer. \"Strength in the quarter was led by our Crocs Brand with exceptional growth internationally. As it relates to HEYDUDE, we are making improvements to support long-term brand health and are focused on driving brand heat by accelerating marketing in the second half of the year.\"\nMr. Rees continued, \"Based on the strength of our second quarter, we are lifting our operating margin and earnings per share outlook for the fiscal year while maintaining our revenue guidance. Our terrific cash flow generation provides us the flexibility to reinvest in our business, pay down debt and repurchase shares.\"\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.\nSecond Quarter 2024 Operating Results (Compared to the Same Period Last Year)\nConsolidated revenues were $1,112 million, an increase of 3.6%, or 4.8% on a constant currency basis. Direct-to-consumer (\"DTC\") revenues grew 8.9%, or 10.0% on a constant currency basis. Wholesale revenues contracted 1.3%, flat on a constant currency basis.Gross margin was 61.4% compared to 57.9%. Adjusted gross margin improved 330 basis points to 61.4% compared to 58.1%.Selling, general, and administrative expenses (\"SG&A\") of $356 million increased 17.6% from $303 million, and represented 32.0% of revenues. Adjusted SG&A of $356 million increased 19.4% from $298 million, and represented 32.0% of revenues.Income from operations of $326 million increased 2.3% from $318 million, resulting in operating margin of 29.3%. Adjusted income from operations of $326 million increased 0.4% from $325 million, resulting in adjusted operating margin of 29.3%.Diluted earn...