Crocs Q1 sales surge on double-digit growth across all channels, regions; raise outlook

Footwear company Crocs Inc. announced on Thursday revenues for the first quarter totalled $884.2 million, up 33.9%, on the back of double-digit sales growth across all channels and regions.

The Broomfield, Ohio-based company said sales at its namesake Crocs brand increased 19% to $648.8 million. Wholesale revenues increased 19.3%, while DTC comparable sales increased 19.2%.

By region, North America revenues increased 10% to $351.3 million increased 10.0%; Asia Pacific revenues surged 46.1% to $140 million; and Europe, Middle East, Africa, and Latin America revenues jumped $157.5 million increased 21.2%.

In addition, HeyDude brand revenues during the first quarter totalled $235.4 million.

Diluted earnings per share increased 100.8% to $2.39, while adjusted diluted earnings per share increased 27.3% to $2.61.

"Our exceptional first quarter results are a testament to the strength of our brands. The Crocs Brand grew 19.0% as we see a strong consumer response to our new clog and sandal introductions. The HeyDude brand is gaining momentum and experienced outstanding DTC growth," said Andrew Rees, chief executive officer.

"We are raising our 2023 revenue growth outlook to now be 11% to 14%, resulting in revenues of approximately $4.0 billion, reflecting our confidence in our ability to continue to gain market share, deliver best-in-class profitability, and generate strong cash flow."

Looking ahead, Crocs said it expects full-year fiscal 2023 revenue growth to be between 11% to 14%, compared to 2022, resulting in revenues of approximately $3.945 billion to $4.045 billion at current currency rates.