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Mar 31, 2022
Crocs Q1 2022 Earnings Report
Crocs reported strong Q1 2022 results with significant revenue growth and raised full-year guidance.
Key Takeaways
Crocs, Inc. reported a 43.5% increase in consolidated revenues to $660.1 million in Q1 2022. The company raised its full-year revenue outlook to approximately $3.5 billion and adjusted diluted earnings per share to $10.05 to $10.65.
Consolidated revenues increased by 43.5% to $660.1 million.
Crocs Brand revenues grew by 18.5% to $545.2 million.
HEYDUDE Brand revenues were $114.9 million for the partial period following the acquisition.
Direct-to-consumer revenues increased by 34.6%.
Crocs
Crocs
Crocs Revenue by Segment
Crocs Revenue by Geographic Location
Revenue by Segment
HEYDUDE Brand Revenue
CapyFin.comRevenue by Geographic Location
North America Revenue
CapyFin.comInternational Revenue
CapyFin.com Forward Guidance
Crocs provided full year 2022 guidance, expecting consolidated revenues of approximately $3.5 billion and adjusted diluted earnings per share of $10.05 to $10.65.
Positive Outlook
- Consolidated revenues to be approximately $3.5 billion, representing growth between 52% and 55% compared to 2021.
- Revenue growth for the Crocs Brand, excluding HEYDUDE, to exceed 20% compared to 2021.
- Revenues for the HEYDUDE Brand to be approximately $750 to $800 million on a reported basis.
- Adjusted operating margin to be approximately 26% to 27%.
- Adjusted diluted earnings per share of $10.05 to $10.65.
Challenges Ahead
- Gross margin to include an incremental $75 million of air freight in the first half of 2022.
- Non-GAAP adjustments of $75 million of non-cash costs in cost of sales.
- An additional $60 million in SG&A costs related to Non-GAAP adjustments.
- GAAP tax rate of approximately 25%.
- Capital expenditures of approximately $170 to $200 million, primarily for supply chain investments to support growth.