- Crocs Inc CROX reported third-quarter FY22 sales growth of 57.4% year-on-year to $985.09 million, beating the consensus of $943.76 million.
- On a constant currency basis, DTC grew 45.8%, and wholesale grew 80.5%.
- Crocs Brand North America revenues totaled $445.3 million, up 1.7% Y/Y. Crocs Brand's Asia Pacific revenues jumped 65.5%, and EMEALA revenues increased 26.2%.
- The gross margin contracted 900 basis points to 54.9%, while the adjusted gross margin contracted 910 basis points to 55.1%.
- Selling, general and administrative expenses increased 40.9% to $277.2 million.
- Income from operations rose 30% to $264.1 million, and the operating margin was 26.8% versus 32.4% a year ago due to lower gross margin and HEYDUDE integration expenses.
- The company held $145.9 million in cash and equivalents as of September 30, 2022.
- Inventories jumped 141% Y/Y to $513.7 million.
- Adjusted EPS of $2.97 beat the analyst consensus of $2.62.
- Outlook: CROX raised its FY22 sales forecast to $3.455 billion - $3.520 billion from the prior view of $3.395 billion - $3.505 billion, against the Street view of $3.46 billion.
- Crocs expects FY22 adjusted EPS of $9.95 - $10.30 (prior view $9.50 - $10.30) versus the consensus of $10.09.
- Price Action: CROX shares are trading higher by 8.72% at $72.90 on the last check Thursday.
- Photo Via Company
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