Crocs Shares Boosted By Strong Q2 Results; Raises FY21 Outlook

Crocs Inc CROX reported second-quarter FY21 net revenue growth of 93.3% year-on-year to $640.8 million, beating the analyst consensus of $559.1 million.
Revenue growth was driven by strength in the Americas, which raked in $405.7 million, up 135.6% Y/Y.
Digital sales grew 25.4%, and Direct-to-consumer (DTC) sales increased 78.6% Y/Y.
The gross margin rose 740 basis points to 61.7%, while the adjusted gross margin rose 660 basis points to 61.8%.
Selling, general and administrative expenses increased 62.1% to $199.9 million.
The operating margin was 30.5%, and the operating income more than tripled to $195.3 million.
The company held $197.9 million in cash and equivalents as of June 30, 2021.
Adjusted EPS of $2.23 beat the analyst consensus of $1.52.
Outlook: Crocs sees Q3 revenue growth to be 60% to 70%, with a Non-GAAP operating margin of 24% to 26%.
It sees 2021 revenue growth of 60% to 65%, versus prior view for growth of 40% to 50% from 2020 revenues of $1.386 billion.
Price action: CROX shares are trading higher by 10% at $132.00 in premarket on the last check Thursday.

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