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Donnerstag, 01.08.2024 07:00 von

Crocs, Inc. Reports Record Second Quarter Revenues and Raises Full Year 2024 Earnings Per Share Outlook

Ein Arzt berät einen Patienten (Symbolbild). © TommL / Vetta / Getty Images https://www.gettyimages.de/

PR Newswire

BROOMFIELD, Colo., Aug. 1, 2024

  • Second Quarter Revenues Increased 4% Over Last Year To $1,112 Million
  • Second Quarter Diluted EPS Up 11% to $3.77 and Adjusted Diluted EPS Up 12% to $4.01

BROOMFIELD, Colo., Aug. 1, 2024 /PRNewswire/ -- Crocs, Inc. (NASDAQ: CROX), a world leader in innovative casual footwear for all, today announced its second quarter 2024 financial results.

"We reported record second quarter results on both the top and bottom line which exceeded our guidance on all Enterprise metrics," said Andrew Rees, Chief Executive Officer. "Strength in the quarter was led by our Crocs Brand with exceptional growth internationally. As it relates to HEYDUDE, we are making improvements to support long-term brand health and are focused on driving brand heat by accelerating marketing in the second half of the year."

Mr. Rees continued, "Based on the strength of our second quarter, we are lifting our operating margin and earnings per share outlook for the fiscal year while maintaining our revenue guidance. Our terrific cash flow generation provides us the flexibility to reinvest in our business, pay down debt and repurchase shares."

Amounts referred to as "Adjusted" or "Non-GAAP" are Non-GAAP measures and include adjustments that are described under the heading "Reconciliation of GAAP Measures to Non-GAAP Measures." A reconciliation of these amounts to their GAAP counterparts are contained in the schedules below.

Second Quarter 2024 Operating Results (Compared to the Same Period Last Year)

  • Consolidated revenues were $1,112 million, an increase of 3.6%, or 4.8% on a constant currency basis. Direct-to-consumer ("DTC") revenues grew 8.9%, or 10.0% on a constant currency basis. Wholesale revenues contracted 1.3%, flat on a constant currency basis.
  • Gross margin was 61.4% compared to 57.9%. Adjusted gross margin improved 330 basis points to 61.4% compared to 58.1%.
  • Selling, general, and administrative expenses ("SG&A") of $356 million increased 17.6% from $303 million, and represented 32.0% of revenues. Adjusted SG&A of $356 million increased 19.4% from $298 million, and represented 32.0% of revenues.
  • Income from operations of $326 million increased 2.3% from $318 million, resulting in operating margin of 29.3%. Adjusted income from operations of $326 million increased 0.4% from $325 million, resulting in adjusted operating margin of 29.3%.
  • Diluted earnings per share of $3.77 increased 11.2% from $3.39. Adjusted diluted earnings per share of $4.01 increased 11.7% from $3.59.
  • During the quarter, we repaid $200 million of debt. We repurchased approximately 1.2 million shares for $175 million, and at quarter end, $700 million of share repurchase authorization remained available for future repurchases.

Second Quarter 2024 Brand Summary

  • Crocs Brand: Revenues increased 9.7% to $914 million, or 11.2% on a constant currency basis.
    • Channel
      • DTC revenues increased 12.5% to $479 million, or 13.8% on a constant currency basis.
      • Wholesale revenues increased 6.9% to $435 million, or 8.6% on a constant currency basis.
    • Geography
      • North America revenues increased 3.0% to $489 million, or 3.2% on a constant currency basis.
      • International revenues increased 18.7% to $425 million, or 22.0% on a constant currency basis.
  • HEYDUDE Brand: Revenues decreased 17.5% to $198 million.
    • Channel
      • DTC revenues decreased 7.6% to $84 million.
      • Wholesale revenues decreased 23.5% to $114 million.

 Balance Sheet and Cash Flow (June 30, 2024 as compared to June 30, 2023)

Kurse

Crocs Inc
111,705 $
-1,12%
Crocs Inc Chart
  • Cash and cash equivalents were $168 million compared to $166 million.
  • Inventories were $377 million compared to $436 million.
  • Total borrowings were $1,530 million compared to $2,027 million.
  • Capital expenditures were $33 million compared to $52 million.

Financial Outlook

Third Quarter 2024

With respect to the third quarter of 2024, we expect:

  • Revenues to be down 1.5% to up 0.5% compared to third quarter 2023, at currency rates as of the end of the last reported period.
    • Crocs Brand to grow 3% to 5% compared to third quarter 2023.
    • HEYDUDE Brand to be down 16% to 14% compared to third quarter 2023.
  • Adjusted operating margin of approximately 24.5%.
  • Adjusted diluted earnings per share of $2.95 to $3.10.

Full Year 2024

With respect to 2024, we expect:

  • Revenue growth of 3% to 5% compared to 2023, at currency rates as of the end of the last reported period.
    • Revenues for the Crocs Brand to grow approximately 7% to 9%.
    • Revenues for the HEYDUDE Brand to be down approximately 10% to 8%.
  • Adjusted operating margin of more than 25% compared to prior guidance of approximately 25%.
  •  Non-GAAP adjustments of approximately $28 million related to the implementation of a new enterprise resource planning ("ERP") system for HEYDUDE, and costs to transition to our new HEYDUDE distribution center in Las Vegas, Nevada.
  • Combined GAAP tax rate of approximately 21.5% and non-GAAP effective tax rate of approximately 18.0%.
  • Adjusted diluted earnings per share of $12.45 to $12.90 compared to prior guidance of $12.25 to $12.73. Adjusted diluted earnings per share guidance does not assume any impact from potential future share repurchases.
  • Capital expenditures of $100 million to $110 million compared to prior guidance of $120 million to $130 million.

Conference Call Information

A conference call to discuss second quarter 2024 results is scheduled for today, Thursday, August 1, 2024, at 8:30 am ET. To receive conference call details, please register at the Investor Relations section of the Crocs website, investors.crocs.com. The webcast will also be available live and on replay through August 1, 2025 at this site.

About Crocs, Inc.:

Crocs, Inc. (Nasdaq: CROX), headquartered in Broomfield, Colorado, is a world leader in innovative casual footwear for all, combining comfort and style with a value that consumers know and love. The Company's brands include Crocs and HEYDUDE, and its products are sold in more than 80 countries through wholesale and direct-to-consumer channels. For more information on Crocs, Inc. visit investors.crocs.com. To learn more about our brands, visit www.crocs.com or www.heydude.com. Individuals can also visit https://investors.crocs.com/news-and-events/ and follow both Crocs and HEYDUDE on their social platforms.

Forward Looking Statements

This press release 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.

These statements include, but are not limited to, statements regarding potential impacts to our business related to cost inflation, our financial condition, brand and liquidity outlook, and expectations regarding our future financial results, share repurchases, our strategy, plans, objectives, expectations (financial or otherwise) and intentions, future financial results and growth potential, statements regarding third quarter and full year 2024 financial outlook and future profitability, cash flows, and brand strength, anticipated product portfolio and our ability to deliver sustained, highly profitable growth and create significant shareholder value. These statements involve known and unknown risks, uncertainties, and other factors, which may cause our actual results, performance, or achievements to be materially different from any future results, performances, or achievements expressed or implied by the forward-looking statements. These risks and uncertainties include, but are not limited to, the following: cost inflation; current global financial conditions; the effect of competition in our industry; our ability to effectively manage our future growth or declines in revenues; changing consumer preferences; our ability to maintain and expand revenues and gross margin; our ability to accurately forecast consumer demand for our products; our ability to successfully implement our strategic plans; our ability to develop and sell new products; our ability to obtain and protect intellectual property rights; the effect of potential adverse currency exchange rate fluctuations and other international operating risks; and other factors described in our most recent Annual Report on Form 10-K under the heading "Risk Factors" and our subsequent filings with the Securities and Exchange Commission. Readers are encouraged to review that section and all other disclosures appearing in our filings with the Securities and Exchange Commission.

All information in this document speaks only as of August 1, 2024. We do not undertake any obligation to update publicly any forward-looking statements, whether as a result of the receipt of new information, future events, or otherwise, except as required by applicable law.

Category:Investors

CROCS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(UNAUDITED)

(in thousands, except per share data)


Three Months Ended June 30,

Six Months Ended June 30,

2024

2023

2024

2023

Revenues

$                1,111,502

$                1,072,367

$                2,050,135

$                1,956,533

Cost of sales

429,586

451,060

846,142

858,856

Gross profit

681,916

621,307

1,203,993

1,097,677

Selling, general and administrative expenses

356,178

302,818

651,826

544,260

Income from operations

325,738

318,489

552,167

553,417

Foreign currency gains (losses), net

(1,323)

551

(3,596)

148

Interest income

1,126

548

1,542

719

Interest expense

(29,161)

(43,063)

(59,724)

(85,700)

Other income, net

45

717

65

424

Income before income taxes

296,425

277,242

490,454

469,008

Income tax expense

67,518

64,830

109,093

107,053

Net income

$                   228,907

$                   212,412

$                   381,361

$                   361,955

Net income per common share:






Basic

$                          3.79

$                          3.42

$                          6.31

$                          5.84

Diluted

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