Crocs posts strong sales growth, raises outlook
27 Apr 2021
Crocs first quarter revenues were 460.1 million dollars, an increase of 63.6 percent from the same period last year, or 60.5 percent on a constant currency basis. The company said, direct-to-consumer (DTC) revenues grew 93.3 percent and wholesale revenues grew 50.1 percent.
Gross margin for the quarter of 55 percent increased 730 basis points, while adjusted gross margin of 55.2 percent rose 720 basis points from the same period last year. The company added that diluted earnings per share increased 818.8 percent to 1.47 dollars, while adjusted diluted earnings per share were 1.49 dollars or 577.3 percent above the 22 cents for the same period last year.
Commenting on the first quarter trading, Andrew Rees, Crocs chief executive officer, said: “Demand for the Crocs brand is stronger than ever with expected 2021 revenue growth of 40 percent to 50 percent. In the first quarter we achieved record revenues and profitability, with growth in all regions and all channels.”
Crocs posts sales growth across geographies
The company further said that Americas revenues of 276.4 million dollars increased 87.5 percent on a constant currency basis, Asia Pacific revenues of 82.6 million dollars increased 20.1 percent on a constant currency basis, while EMEA revenues of 101.1 million dollars increased 41 percent on a constant currency basis.
With respect to the second quarter of 2021, the company expects revenue growth to be between 60 percent and 70 percent compared to second quarter 2020 revenues of 331.5 million dollars and non-GAAP operating margin to be between 21 percent and 23 percent.
For the full year 2021, Crocs expects revenue growth to be between 40 percent and 50 percent compared to 2020 revenues of 1,386 million dollars and non-GAAP operating margin to be between 22 percent and 24 percent.