•
Jun 30, 2022
Crocs Q2 2022 Earnings Report
Crocs reported record revenues and strong growth, with HEYDUDE outperforming expectations.
Key Takeaways
Crocs, Inc. reported a 51% increase in consolidated revenues to $964.6 million for the second quarter of 2022. The Crocs Brand saw record quarterly revenues, and the HEYDUDE Brand continued to exceed expectations. Adjusted diluted EPS rose 45% to $3.24.
Consolidated revenues increased by 50.5% to $964.6 million.
Crocs Brand revenues grew by 14.3% to $732.2 million.
HEYDUDE Brand revenues were $232.4 million, up approximately 96% compared to 2021.
Adjusted diluted earnings per share increased 45.3% to $3.24.
Crocs
Crocs
Crocs Revenue by Segment
Crocs Revenue by Geographic Location
Forward Guidance
Crocs expects consolidated revenues to be approximately $915 to $955 million for Q3 2022, implying approximately 46% to 53% growth compared to third quarter 2021.
Positive Outlook
- Consolidated revenues to be approximately $915 to $955 million.
- Crocs Brand revenues to be $680 to $700 million, implying approximately 15% to 18% growth on a constant currency basis.
- HEYDUDE Brand revenues of approximately $235 to $255 million.
- Adjusted operating margin of approximately 25% to 26%, excluding non-GAAP adjustments.
- Full year 2022 adjusted diluted earnings per share to now be between $9.50 and $10.30.
Challenges Ahead
- Adjusted operating margin includes approximately $15 million impact from air freight.
- Gross margin to still include $75 million of air freight in 2022.
- Supply chain disruptions.
- Cost inflation.
- Potential adverse currency exchange rate fluctuations and other international operating risks
Revenue & Expenses
Visualization of income flow from segment revenue to net income