Crocs revenue rises by over 50% after ‘exceptional consumer demand’

Crocs
// Crocs revenue increases and outperforms all expectations
// The footwear retailer has revealed a 50.5% rise in revenue to £794.3m

Crocs has recorded a revenue growth of over 50% for the second quarter, outperforming its expectations.

The footwear retailer has revealed a 50.5% increase in revenue to £794.3 million.

Digital sales at Crocs grew by 16.8%, representing 37.2% of brand revenue.


READ MORE: Crocs are cool again: record 2021 sales for ‘ugly’ shoe brand


Meanwhile, Crocs brand wholesale revenue increased by 27.7%, while DTC comparable sales increased 7.5%.

The company’s gross margin was 51.6%, compared to 61.7% in 2021.

Crocs gross margin was 57.7%, 400 basis points lower than the previous year due to freight headwinds, partially offset by increased prices and product mix.

Looking ahead, the company expects 2022 consolidated revenue between £2.795 billion to £2.886 billion, representing growth of 47% to 52% compared to 2021.

For its Crocs brand, the company anticipates revenue between £2.095 billion to £2.153 billion.

“I am very proud of our second quarter results. I am particularly excited by record revenues for the Crocs brand and the strong growth internationally,” Crocs chief executive, Andrew Rees said.

“We have two incredibly strong brands that are well positioned to meet the needs of our core consumer with our value and comfort proposition.

“The consumer demand for both our brands is exceptional and we expect both brands to gain market share in this dynamic environment. We remain incredibly confident in our long term growth and our ability to generate best-in-class profitability.”

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