Crocs Gains On Solid Q4 Beat, Foresees Another Record Year In 2023 - Crocs (NASDAQ:CROX)

Crocs Inc (NASDAQ:CROX) reported fourth-quarter FY22 sales growth of 61.1% year-on-year to $945.16 million, beating the consensus of $939.26 million.
Wholesale revenue grew 61.1%, and Direct-to-consumer (DTC) sales increased 61.2% Y/Y.
Adjusted EPS of $2.65 beat the analyst consensus of $2.26.
Gross margin declined 1,090 basis points to 52.5%, and the adjusted gross margin contracted 1,040 basis points to 53.3%.
Selling, general and administrative expenses increased 30.3% to $276.3 million.
Operating margin contracted 400 basis points to 23.3%, and the operating income increased 37.5% to $220.1 million.
The company held $191.6 million in cash and equivalents as of Dec. 31, 2022.
CEO Andrew Rees, said, "We anticipate another record year in 2023 with growth expected to be led by sandals and international for the Crocs Brand and increased US market penetration for HEYDUDE."
Outlook: Crocs sees Q1 revenue growth of 27% - 30%. It sees Q1 adjusted EPS of $2.06 - $2.19 versus the estimate of $2.02.
For FY23, the company continues to expect revenue growth of 10% - 13%, resulting in full-year revenues of approximately $3.9 billion - $4.0 billion at current currency rates.
The company expects FY23 adjusted EPS of $11.00 - $11.31, against the consensus of $10.86.
Price Action: CROX shares are trading higher by 9.05% at $137.04 on the last check Thursday.
Photo Via Wikimedia Commons

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