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Mar 31, 2021
Crocs Q1 2021 Earnings Report
Crocs reported record revenue and profitability, with growth across all regions and channels, leading to raised full-year guidance.
Key Takeaways
Crocs, Inc. reported a strong first quarter in 2021, with revenues up 64% to $460 million. The company saw increased operating income and diluted EPS, driven by growth in all regions and channels. Due to this strong performance, Crocs raised its full-year guidance, expecting revenue growth of 40% to 50%.
Record first quarter revenues increased 63.6% to $460.1 million.
Digital sales grew 75.3%, representing 32.3% of revenue.
Operating income increased to $124.7 million, with operating margins expanding to 27.1%.
Diluted earnings per share were $1.47, significantly up from $0.16 in the same period last year.
Crocs
Crocs
Crocs Revenue by Geographic Location
Revenue by Geographic Location
North America Revenue
CapyFin.comInternational Revenue
CapyFin.com Forward Guidance
Crocs anticipates strong financial performance for the second quarter and full year 2021. Revenue growth is expected to be between 60% and 70% for Q2 2021, and between 40% and 50% for the full year. Non-GAAP operating margin is projected to be between 21% and 23% for Q2 and between 22% and 24% for the full year.
Positive Outlook
- Revenue growth to be between 60% and 70% compared to second quarter 2020 revenues of $331.5 million.
- Non-GAAP operating margin to be between 21% and 23%.
- Revenue growth to be between 40% and 50% compared to 2020 revenues of $1,386.0 million.
- Non-GAAP operating margin to be between 22% and 24%.
- GAAP tax rate and non-GAAP effective tax rate of approximately 20%.
Challenges Ahead
- Non-GAAP adjustments of approximately $3 million related to distribution center investments that will impact gross margin in Q2.
- Non-GAAP adjustments of approximately $12 to $15 million related to distribution center investments that will impact gross margin for the full year.
- Capital expenditures of approximately $100 to $130 million for supply chain investments to support growth.
- Potential impacts to business related to the COVID-19 pandemic.
- Effect of competition in the industry.
Revenue & Expenses
Visualization of income flow from segment revenue to net income