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Jun 30, 2023
Crocs Q2 2023 Earnings Report
Crocs, Inc. reported record quarterly revenues, increased earnings per share, and raised full year outlook.
Key Takeaways
Crocs, Inc. announced strong second quarter 2023 financial results, achieving record quarterly revenues of over $1 billion, representing an 11.2% increase compared to the previous year. The company's operating margin was 30%, and diluted earnings per share increased by 31.4% to $3.39. They also raised the full year outlook for revenues, operating margin, and earnings per share.
Consolidated revenues increased by 11.2% to $1,072.4 million.
Crocs Brand revenues grew by 13.8% to $833.0 million, driven by Asia revenue growth and North America DTC comparable sales growth.
HEYDUDE Brand DTC revenues increased by 29.7% and digital revenues increased by 36.7%.
Diluted earnings per share increased by 31.4% to $3.39, and the company paid down $299.1 million of debt in the first half of 2023.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
The company expects revenue to grow approximately 3% to 5% compared to third quarter 2022, adjusted operating margin of approximately 27.0%, and adjusted diluted earnings per share of $3.07 to $3.15 for Q3 2023. For the full year 2023, the company expects consolidated revenue growth to be 12.5% to 14.5%, adjusted operating margin to be approximately 27.5%, and adjusted diluted earnings per share to be between $11.83 and $12.22.
Positive Outlook
- Revenues to grow approximately 3% to 5% compared to third quarter 2022, resulting in revenues of approximately $1,013 million to $1,034 million.
- Adjusted operating margin of approximately 27.0% for Q3 2023.
- Adjusted diluted earnings per share of $3.07 to $3.15 for Q3 2023.
- Consolidated revenue growth to now be 12.5% to 14.5% compared to 2022, resulting in revenues of approximately $4,000 million to $4,065 million.
- Adjusted diluted earnings per share to now be between $11.83 and $12.22 for the full year.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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