Business
Crocs, Inc. Reports Record Third Quarter Revenues
Third Quarter Revenues Grew 73% to $626 million Raises Full Year Revenue and Operating Margin Guidance BROOMFIELD, Colo., Oct. 21, 2021 /PRNewswire/ -- Crocs,
About this update from Crocs, Inc.
[{"type":"text","content":"Third Quarter Revenues Grew 73% to $626 million\n Raises Full Year Revenue and Operating Margin Guidance\n\n\nBROOMFIELD, Colo., Oct. 21, 2021 /PRNewswire/ -- Crocs, Inc. (NASDAQ: CROX), a world leader in innovative casual footwear for women, men, and children, today announced its third quarter 2021 financial results.\n\"Our third quarter was exceptional, underscored by 73% revenue growth over 2020 and industry-leading operating margin of 32%,\" said Andrew Rees, Chief Executive Officer. \"Globally, our teams are managing through the supply chain disruptions to mitigate the impact on our business. Despite the temporary disruptions, we expect 2022 revenues to grow over 20% from 2021 fueled by the strength of our brand and consumer demand globally.\"\nGlobal Supply Chain Disruptions\nDuring the third quarter our business was impacted by Vietnamese factory closures and widespread disruption in the global supply chain. To minimize the impact of this disruption, we have taken swift action to shift production, improve factory throughput, leverage air freight, and strategically allocate units. Despite ongoing global supply challenges we remain confident in our ability to deliver upon our short- and long-term goals.\nThird Quarter 2021 Highlights\nRecord revenues of $625.9 million increased 73.0%, or 72.2% on a constant currency basis as compared to 2020. Revenue growth was strong in all regions, with the Americas up 94.5%, Asia Pacific up 21.2% and Europe, Middle East, and Africa (\"EMEA\") up 42.8% on a constant currency basis versus prior year. Digital sales grew 68.9% to represent 36.8% of revenues versus 37.7% and 32.2% of revenues in 2020 and 2019, respectively. Within digital, all regions experienced double-digit growth from prior year. Operating income more than doubled to $203.1 million as compared to third quarter 2020 and operating margin expanded to 32.4% from 19.9% versus prior year. During the third quarter production began on bio-based products, which we expect will go on sale in 2022, using materials sourced from waste and by-product from other industries. Third Quarter 2021 Operating Results\nAmounts referred to as \"Adjusted\" 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 counte...