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Mar 31, 2024
Crocs Q1 2024 Earnings Report
Crocs, Inc. reported record revenue and raised its full-year adjusted diluted earnings per share outlook, driven by the Crocs brand's growth and diversified business.
Key Takeaways
Crocs, Inc. announced strong first-quarter results, with revenue reaching a record $939 million, a 6% increase year-over-year. Diluted EPS rose by 5% to $2.50, and adjusted diluted EPS increased by 16% to $3.02. The company raised its full-year adjusted diluted earnings per share guidance, buoyed by the strength of the Crocs brand.
Revenue increased by 6% year-over-year to a record $939 million.
Diluted EPS increased 5% to $2.50, while adjusted diluted EPS increased 16% to $3.02.
The Crocs Brand saw a revenue increase of 14.6% to $744 million.
Direct-to-consumer (DTC) revenues grew by 11.8%.
Revenue by Geographic Location
Forward Guidance
The company provided guidance for the second quarter of 2024, expecting revenue to be up 1% to 3% compared to the second quarter of 2023, with the Crocs Brand to grow 7% to 9% and the HEYDUDE Brand to contract (19%) to (17%). Adjusted operating margin is expected to be approximately 26.5%, and adjusted diluted earnings per share are projected to be $3.40 to $3.55.
Positive Outlook
- Revenue growth of 3% to 5% compared to 2023.
- Crocs Brand revenue growth of approximately 7% to 9%.
- Adjusted operating margin of approximately 25%.
- Adjusted diluted earnings per share of $12.25 to $12.73.
- The Company had $875 million remaining on its current share repurchase authorization as of March 31, 2024.
Challenges Ahead
- HEYDUDE Brand revenue to contract (10%) to (8%).
- Non-GAAP adjustments of approximately $28 million related to the implementation of a new enterprise resource planning (“ERP”) system for HEYDUDE.
- Costs to transition to our new HEYDUDE distribution center in Las Vegas, Nevada.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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