Crocs posts rise in Q2 earnings
By Prachi Singh
30 Jul 2020
Crocs, Inc. global revenues were 331.5 million dollars, declining 7.6 percent from the second quarter of 2019, or 6 percent on a constant currency basis. The company said, four out of five of its key geographies delivered revenue growth - United States, Korea, China, and Germany. Global e-commerce revenue increased by 67.7 percent with strong growth in all regions. Operating margin rose approximately 380 basis points to 17.1 percent and adjusted operating margin increased approximately 800 basis points to 22.3 percent. The company added diluted earnings per share grew 50.9 percent to 83 cents or 71.2 percent to 1.01 dollars on an adjusted basis.
Commenting on the second quarter trading, Andrew Rees, Crocs President and Chief Executive Officer, said in a statement: “Amidst unprecedented market conditions globally, we delivered exceptional performance in our Americas and e-commerce businesses and increased profit despite a very challenging environment.”
The company further said that as of June 30, 2020, 98 percent of the company-operated stores were open. In the Americas, company-operated stores closed in mid-March and started to reopen in mid-May. Currently, the majority of stores in the United States are open. In Asia, outside of China and Korea, most of the company-operated stores were closed for the majority of the quarter, while in EMEA region, company-operated stores in Western Europe closed in mid-April and reopened in mid-May, while stores in Russia closed in early April and reopened in early June.