1. News
July 23, 2021

Crocs records 93% growth in second-quarter revenues

The retailer has raised its full-year outlook in response to the strong results.

US-based footwear retailer Crocs has reported revenues of $640.8m for the second quarter of this year.

This represents an increase of 93.3%, or 88.4% on a constant currency basis, from the same period of last year.

During the quarter, the company’s average selling price was up by 8% to $21.84.

Its operating income more than tripled to $195.3m and its diluted earnings per share (EPS) were $4.93, compared to $0.83 for the same period of last year.

Crocs’ direct-to-consumer (DTC) sales grew by 78.6% to $333.4m from a year earlier and 86% compared to the same period of 2019.

The company’s wholesale revenues rose by 112.1% to $307.3m, compared to $144.9m in the prior-year period.

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Crocs said that its business had experienced strong growth across all regions. The 25% increase in digital sales represented 36% of its overall revenue.

In the quarter, the company’s Americas revenues were $405.7m, up by 136.4%, while its Asia revenues were $126.8m, a 35.5% increase from a year earlier.

Its Europe, Middle East and Africa (EMEA) revenues increased by 63.1%, or 52.6% on a constant-currency basis, to $108.3m.

Crocs CEO Andrew Rees said: “We continue to see strong consumer demand for the Crocs brand worldwide.

“On the back of record second-quarter results and continued momentum, we are raising our full-year guidance for this year.

“We are also committing to net-zero emissions by 2030, enabling us to provide ‘comfort without carbon’ to our customers worldwide.

“I believe we can deliver sustained, highly profitable growth while having a positive impact on our planet and our communities.”

In response to the positive results, Crocs expects its third-quarter revenue growth to reach between 60% and 70% compared to the same period of last year.

The company also raised its full-year revenue guidance for the year, with an anticipated growth of 60% to 65% compared to a year prior.

Last month, the footwear manufacturer called on the International Trade Commission (ITC) to stop the import of counterfeit Crocs products in the US.