Key TakeawaysCrocs posted record revenue for the first quarter and raised its guidance on soaring demand for its eponymous shoe brand.Crocs brand sales rose 14.6% in the latest quarter, but they slid 17.2% for the company's Heydude brand.Crocs raised its 2024 outlook for earnings per share, while lowering its expectations for Heydude brand revenue. Crocs (CROX) shares gained more than 7% Tuesday as the footwear maker posted record sales and boosted its guidance on “robust consumer demand" for its eponymous ...

Crocs, Inc. (CROX) posted solid results for first-quarter 2024, wherein the top and bottom lines surpassed the Zacks Consensus Estimate and grew year over year. Its adjusted earnings of $3.02 per share beat the consensus estimate of $2.22 and rose 15.7% year over year.We note that this Zacks Rank #3 (Hold) company has gained 19.3% in the past three months compared with the industry’s 8.1% growth.Q1 in DetailRevenues rose 6.2% year over year to $938.6 million and beat the Zacks Consensus Estimate of $883 mil ...

About this content About Oliver Haill Oliver has been writing about companies and markets since the early 2000s, cutting his teeth as a financial journalist at Growth Company Investor with a focusing on AIM companies and small caps, before a few years later becoming a section editor and then head of research. He joined Proactive after a couple of years freelancing, where he worked for the Financial Times Group, ITV, Press Association, Reuters sports desk, the London Olympic News Service, Rugby World Cup ...

Table of Contents ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to 500 Eldorado Blvd., Building 5, Broomfield, Colorado 80021 (Address, including zip code, of registrant's principal executive offices) (303) 848-7000 (Registrant's telephone number, including area code) ____________________________ ...

This document includes estimates, projections, and statements relating to our business plans, commitments, objectives, and expected operating results that are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. • Company Highlights 4 5 Channel DTC WHL 48% 52% Q1 2024 HIGHLIGHTS #3 Attract New Consumers occasions Crocs Brand Highlights ...

Financial Data and Key Metrics - Consolidated revenues for Q1 2024 were $939 million, up almost 7% YoY, led by the Crocs Brand [38] - Adjusted gross margin improved by 180 basis points to 56%, with Crocs Brand adjusted gross margin at 58.1%, up 180 basis points YoY [38][40] - Adjusted operating margin was 27.1%, slightly down from 27.9% YoY but favorable to expectations due to higher gross margins [41] - Adjusted diluted earnings per share (EPS) were $3.02, significantly ahead of the guidance range of $2.15 to $2.25 [38] - Inventory balance declined by 18% YoY to $392 million, with both brands achieving inventory turns of 4 times [115] Business Line Performance - Crocs Brand revenues grew 16% YoY to $744 million, driven by DTC growth of 19% and wholesale growth of 14% [114] - HEYDUDE revenues were $195 million, down 17% YoY, with 7 million pairs sold, a 21% decrease YoY [76] - Crocs Brand ASPs increased by 11% to $23.36, while HEYDUDE ASPs rose 5% to $27.68 [114][76] - North America revenues for Crocs grew 9% YoY, with DTC up 13% and wholesale up 5% [114] - International revenues grew 24% YoY, with triple-digit growth in China and Australia, and double-digit growth in Western Europe [39][98] Market Performance - China and Australia delivered triple-digit growth in Q1, with strong double-digit growth in Western Europe (UK, France, Germany) [39][98] - Crocs won its first-ever Super Brand Day on Tmall in China, driving significant brand heat and consumer engagement [7][98] - North America wholesale partners pulled forward product deliveries in Q1 due to strong sell-through of Crocs products [39][53] Strategy and Industry Competition - The company’s growth strategy focuses on three pillars: driving brand relevance, market share gains, and product diversification [2][87] - Crocs plans to open approximately 30 HEYDUDE outlet stores in 2024, with six opened in Q1, aiming to educate consumers and liquidate older inventory [36][124] - The company is investing in marketing, talent, digital, and retail to support long-term market share gains [37] - HEYDUDE’s focus is on solidifying its business and establishing the Wally and Wendy as iconic franchises [90] Management Commentary on Operating Environment and Future Outlook - Management expressed confidence in maintaining a 25% operating margin for the year, supported by strong gross margins [13] - The company raised its full-year 2024 EPS outlook to $12.25-$12.73, driven by Q1 strength [116] - HEYDUDE’s performance is expected to improve sequentially, with sell-in and sell-out trends normalizing by Q4 [101] - Management noted a softening consumer environment, particularly in wholesale, but remains optimistic about long-term growth [35][69] Other Important Information - The company hired Susan Healy as the new CFO, bringing extensive experience from Ulta Beauty and IAA [2][96] - Terence Reilly joined as the new HEYDUDE Brand President, focusing on driving brand relevance and growth [113] - Crocs expanded its corporate responsibility efforts, including the Consumer Takeback program and a new limited edition Classic Clog made from recycled materials [89] Q&A Session Summary Question: HEYDUDE’s performance and outlook [44] - HEYDUDE’s Q1 performance was solid but saw softening wholesale sell-out post-Easter, leading to a more cautious outlook for the year [45][46] - DTC is expected to outperform wholesale, with Q4 being the strongest quarter due to retail contributions and easier wholesale comparisons [46][47] Question: Crocs’ performance in China [129] - Crocs achieved triple-digit growth in China in Q1, driven by digital presence, consumer following, and incremental store openings [7] - The company expects strong growth to continue through Q2 and the rest of the year, supported by new franchise partner stores [7] Question: HEYDUDE’s margin outlook [61] - HEYDUDE’s margin guidance remains unchanged, with no incremental pressure expected from lower revenue, as DTC revenues are higher margin than wholesale [61] - The new HEYDUDE Las Vegas warehouse and technology implementation are expected to improve efficiency and support margins [62] Question: Crocs’ inventory management [55] - Inventory levels are down 18% YoY, with both brands achieving 4 times inventory turns, reflecting efficient inventory management [115] - Management expects inventory levels to flatten in Q2 and remain stable throughout the year [55] Question: HEYDUDE’s direct business performance [74] - HEYDUDE’s direct business saw a drop in units due to higher ASPs, but this was expected and is seen as productive for margins [68] - The company anticipates unit sales to improve as new products and marketing efforts gain traction [68] Question: Crocs’ North America DTC performance [44] - Crocs’ North America DTC grew 13% in Q1, supported by strong product offerings and a robust pipeline [47] - Q2 growth is expected to be more muted due to the Easter shift and leap year impact in Q1 [48]

Tuesday, May 7th, 2024Markets continue to perform relatively well off lows from mid-last week. These lows were higher than the previous divot in mid-April, and this spells a good trend to this point. Minus large-scale economic reports this week, attention will necessarily turn to the remainder of earnings reports yet to come out. The Dow is up +30 points at this hour — riding a 4-day winning streak by the way — with the S&P 500 +5 points but the Nasdaq -13. The S&P and Nasdaq currently have 3-day winning st ...

Crocs (CROX) came out with quarterly earnings of $3.02 per share, beating the Zacks Consensus Estimate of $2.25 per share. This compares to earnings of $2.61 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 34.22%. A quarter ago, it was expected that this footwear company would post earnings of $2.38 per share when it actually produced earnings of $2.58, delivering a surprise of 8.40%.Over the last four quarters, the company ha ...

Crocs Brand Performance - Crocs Brand revenues increased 14.6% to $744 million, or 15.6% on a constant currency basis[1] - DTC revenues for Crocs Brand increased 18.3% to $282 million, or 19.0% on a constant currency basis[1] - Wholesale revenues for Crocs Brand increased 12.5% to $462 million, or 13.8% on a constant currency basis[1] - International revenues for Crocs Brand increased 21.3% to $361 million, or 23.6% on a constant currency basis[1] - Direct-to-consumer comparable sales for the Crocs Brand grew 14.7% in Q1 2024 on a constant currency basis[80] - Crocs Brand GAAP gross margin was 58.1% in Q1 2024, up from 55.8% in Q1 2023[84] - Non-GAAP Crocs Brand gross margin reached 56.3% in Q1 2023, up from 55.8% on a GAAP basis[84] - Crocs Brand projected to grow 7% to 9% in Q2 2023, while HEYDUDE Brand expected to contract by 19% to 17%[44] HEYDUDE Brand Performance - HEYDUDE Brand revenues decreased 17.2% to $195 million[37] - The company expects to incur approximately $28 million in costs for HEYDUDE integration and distribution center transition in 2024[78] - Asset impairment costs in Q1 2024 amounted to $24.081 million, primarily related to the transition to the new HEYDUDE distribution center[51][59] Consolidated Financial Performance - Consolidated revenues increased 6.2% to $939 million, or 6.9% on a constant currency basis[27] - Revenues for Q1 2024 increased to $938.633 million, up from $884.166 million in Q1 2023[49] - GAAP revenues for Q1 2024 were $938.6 million, compared to $884.2 million in Q1 2023[62] - GAAP revenues for Q1 2024 were $938.633 million, compared to $884.166 million in Q1 2023[86] - Net income for Q1 2024 rose to $152.454 million, compared to $149.543 million in Q1 2023[49] - Total assets increased to $4.795 billion in Q1 2024 from $4.643 billion in Q1 2023[50] - Total current liabilities decreased to $628.561 million in Q1 2024 from $698.296 million in Q1 2023[50] - Cash, cash equivalents, and restricted cash increased to $163.022 million at the end of Q1 2024 from $128.929 million at the end of Q1 2023[51] - Cash flows from operating activities showed a net use of $27.574 million in Q1 2024, compared to a net provision of $9.931 million in Q1 2023[51] Earnings and Margins - Adjusted diluted earnings per share increased 15.7% to $3.02[27] - Adjusted operating margin for Q2 2024 expected to be approximately 26.5%[9] - Adjusted operating margin estimated at approximately 25%[45] - GAAP operating margin decreased to 24.1% in Q1 2024 from 26.6% in Q1 2023[62] - Non-GAAP operating margin was 27.1% in Q1 2024, down from 27.9% in Q1 2023[62] - GAAP gross margin improved to 55.6% in Q1 2024 from 53.9% in Q1 2023[84] - Non-GAAP gross margin increased to 56.0% in Q1 2024 from 54.2% in Q1 2023[84] - Non-GAAP income from operations for Q1 2024 was $254.8 million, up from $247.0 million in Q1 2023[62] Expenses - GAAP selling, general and administrative expenses for Q1 2024 were $295.648 million, up from $241.442 million in Q1 2023[86] - Non-GAAP selling, general and administrative expenses for Q1 2024 were $270.543 million, compared to $232.610 million in Q1 2023[86] - GAAP selling, general and administrative expenses as a percent of revenues increased to 31.5% in Q1 2024 from 27.3% in Q1 2023[86] - Non-GAAP selling, general and administrative expenses as a percent of revenues rose to 28.8% in Q1 2024 from 26.3% in Q1 2023[86] - Total adjustments to GAAP selling, general and administrative expenses were $25.105 million in Q1 2024, compared to $8.832 million in Q1 2023[86] Future Outlook - Full-year 2024 revenue growth expected to be 3% to 5% compared to 2023[10] - Capital expenditures for 2024 expected to be approximately $120 million to $130 million[39] Non-GAAP Measures - Non-GAAP measures are used to provide a clearer view of underlying business trends by excluding certain non-routine costs[53][54]

Crocs, Inc. (CROX) is scheduled to release first-quarter 2024 results on May 7, before market open. This leading branded footwear company is expected to have witnessed year-over-year declines in revenues and earnings in the to-be-reported quarter. The Zacks Consensus Estimate for revenues is pegged at $882.6 million, suggesting a decline of 0.2% from the prior-year reported figure.The consensus estimate for first-quarter earnings per share has moved down by a penny in the past seven days to $2.22. The conse ...