Crocs’ direct to customer revenues increased 17.8% in third quarter 2023. Credit: Choo Yut Shing/ Flickr (Creative Commons).

Footwear company Crocs has registered consolidated revenues of $1.04bn in the third quarter (Q3) of fiscal 2023 (FY23), up 6.2% compared to the same period in FY22.

Direct-to-customer revenues were up 17.8% during the quarter, compared to the same quarter of the prior fiscal year, while wholesale revenues dropped by 3.6%.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

Crocs brand posted revenue growth of 11.6% to $798.8m in Q3 FY23, while the HEYDUDE brand reported a revenue drop of 8.3% to $246.9m over the quarter.

The retailer posted a gross margin of 55.6% in Q3 FY23, against 54.9% a year previously. Its adjusted gross margin was 57.4%, improved by 230 basis points from 55.1%.

Its income from operations grew by 3.7% to $273.9m in Q3 FY23, but its operating margin dropped slightly from 26.8% in Q3 FY22 to 26.2%.

See Also:

Crocs’ diluted earnings per share (EPS) were $2.87, up 5.5% from $2.72 for the same period a year previously.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Crocs chief executive officer Andrew Rees stated: “We delivered a strong third quarter, exceeding the high end of our guidance, led by double-digit revenue growth in our Crocs brand supported by healthy full-price selling and industry-leading operating margins.

“Both our brands gained share during the back-to-school season. During the quarter, we took decisive action around HEYDUDE to accelerate our marketplace management strategy to ensure long-term brand health. As such, we are adjusting our full-year outlook to reflect this shift.”

The retailer has expected its fourth quarter revenues to decline approximately 1% to 4% and full-year revenue to grow approximately 10% to 11% against 2022.

It anticipated adjusted diluted EPS of $2.05 to $2.35 in Q4 FY23 and adjusted diluted EPS between $11.55 and $11.85 in FY23.