Crocs Reports Record Revenues Over $1 Billion USD in Q2
Marking a 12% increase from the same period in 2022.
In the second quarter of 2023, Crocs hit record revenues of over $1 billion USD, earning a 12% increase from the figures reported during the same period last year.
To be exact, the global footwear company, which also houses HEYDUDE, recorded consolidated revenues of $1.072 billion USD. Independently, the Crocs brand raked in revenues of $833 million USD, up 14.9% from the second quarter of 2022.
“Both the Crocs and HEYDUDE brands continue to gain share and bring in new consumers with our comfortable offerings, as evidenced by DTC growth of 26% in the second quarter,” said Andrew Rees, Crocs’ chief executive officer. “We continue to invest behind our strategic priorities that are driving profitable growth.”
The Crocs brand’s growth was largely fueled by revenue growth of 39% in Asia, as well as North American direct-to-consumer sales, which were up 12.9% compared to last year. The company reported a gross margin of 57.9%, and its selling, general and administrative expenses grew from $249.8 million USD to $302.8 million USD.
Looking ahead, Crocs expects revenues to reach roughly $1.013 billion USD to $1.034 billion USD in the third quarter, marking a 3% to 5% increase when compared to the same period in 2022. For the entire year, the company estimates that its consolidated revenue will hit between $4 billion USD to $4.065 billion USD, up 12.5% to 14.5% from the year prior.
See Crocs’ full third-quarter financial report here.
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