Crocs reported second-quarter earnings that beat on the top and bottom line Thursday, raising its full-year revenue guidance amid strong global demand.
The shoemaker’s stock jumped more than 8% in premarket trading.
Here’s how the company did for its quarter ended June 30 compared with what analysts surveyed by Refinitiv were anticipating:
- Earnings per share: $2.23 adjusted vs. $1.60 expected
- Revenue: $640.8 million vs. $565.2 million expected
During the second quarter, Croc’s net income grew to $319.0 million , or $4.93 per share, compared to $56.6 million, or 83 cents per share, from a year earlier.
Excluding one-time adjustments, the company earned $2.23 a share, beating the $1.60 that analysts surveyed by Refinitiv were anticipating.
Revenues in the second quarter grew 93% to $640.8 million, from $331.5 million a year earlier. The company’s digital sales grew 25.4% to represent 36.4% of revenue, compared to 56.1% a year ago.
Crocs’ direct-to-consumer sales grew 78.6% compared to last year, and 86.4% compared to 2019, representing 52% of second-quarter revenues.
The company’s revenue from the Americas grew 135.3% during the second quarter.
Crocs raised its full year guidance, and now expects its revenue to grow between 60% to 65% compared to 2020. Last quarter, the retailer raised its guidance for this year, saying it expects sales to grow 40% to 50%.
“We continue to see strong consumer demand for the Crocs brand globally. On the back of record second quarter results and continued momentum, we are raising our full year 2021 guidance,” said CEO Andrew Rees in a press release.
During its third-quarter, the shoemaker expects revenue growth between 60% and 70% compared to last year’s third-quarter revenues of $361.7 million.
The shoemaker also committed to transition to net-zero emissions by 2030, an initiative that Rees called “comfort without carbon.”
“I believe we can deliver sustained, highly profitable growth while having a positive impact on our planet and our communities,” Rees said.
The shoemaker’s sales boomed during the pandemic as consumers sought more comfortable footwear.
The company had also said it plans to experiment with new designs that build on its clogs and release more sandals. Croc’s sandals sales were up 17% in the first quarter.
Crocs stock has grown more than 90% year-to-date.
Find the full press release from Crocs here.
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Source: Business - cnbc.com
