- Crocs Inc (NASDAQ: CROX) reported first-quarter FY22 sales growth of 43.5% year-on-year, to $660.15 million, beating the consensus of $621.88 million.
- Wholesale revenue grew 48.7%, and Direct-to-consumer (DTC) sales increased 34.6% Y/Y.
- HEYDUDE Brand revenues were $114.9 million for the period following the closing of the acquisition on February 17, 2022, through March 31, 2022.
- Adjusted EPS of $2.05 beat the analyst consensus of $1.55.
- The gross margin contracted 580 basis points to 49.2%, and the adjusted gross margin fell 130 basis points to 53.9%.
- Selling, general and administrative expenses increased 60.5% to $206.2 million.
- The operating margin compressed 910 basis points to 18%, and the operating income declined 4.8% Y/Y to $118.7 million.
- The company held $172 million in cash and equivalents as of March 31, 2021.
- Outlook: Crocs sees FY22 sales of about $3.5 billion versus the consensus of $3.42 billion.
- The company expects FY22 adjusted EPS of $10.05 - $10.65, above the consensus of $9.98.
- Crocs see Q2 sales of $918 million - $957 million, versus the consensus of $960.47 million.
- Price Action: CROX shares are trading higher by 4.78% at $75.67 in premarket on the last check Thursday.
- Photo Via Wikimedia Commons
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