Highlights:
* First Quarter Revenue Increased 6% Over Last Year To A Record
* First Quarter Diluted EPS Up 5% to
* Fiscal Year 2024 Adjusted Diluted Earnings Per Share Guidance Raised, Led By Strength of Crocs Brand
'We delivered an exceptional first quarter, led by mid-teens growth of our Crocs Brand, driven by robust consumer demand both in
Amounts referred to as 'Adjusted' or 'Non-GAAP' are Non-GAAP measures and include adjustments that are described under the heading 'Reconciliation of GAAP Measures to Non-GAAP Measures.' A reconciliation of these amounts to their GAAP counterparts are contained in the schedules below.
First Quarter 2024 Operating Results (Compared to the Same Period Last Year)
Consolidated revenues were
Gross margin was 55.6% compared to 53.9%. Adjusted gross margin improved 180 basis points to 56.0% compared to 54.2%.
Selling, general, and administrative expenses ('SG&A') of
Income from operations of
Diluted earnings per share of
First Quarter 2024 Brand Summary
Crocs Brand: Revenues increased 14.6% to
Channel
DTC revenues increased 18.3% to
Wholesale revenues increased 12.5% to
Geography
International revenues increased 21.3% to
HEYDUDE Brand: Revenues decreased 17.2% to
Channel
DTC revenues decreased 11.0% to
Wholesale revenues decreased 19.7% to
Balance Sheet and Cash Flow (
Cash and cash equivalents were
Inventories were
Total borrowings were
Capital expenditures were
Financial Outlook
Second Quarter 2024
With respect to the second quarter of 2024, we expect:
Revenues to be up 1% to 3% compared to second quarter 2023, at currency rates as of the end of the last reported period.
Crocs Brand to grow 7% to 9% compared to second quarter 2023.
HEYDUDE Brand to contract (19%) to (17%) compared to second quarter 2023.
Adjusted operating margin of approximately 26.5%.
Adjusted diluted earnings per share of
Full Year 2024
With respect to 2024, we expect:
Revenue growth of 3% to 5% compared to 2023, at currency rates as of the end of the last reported period.
Revenues for the Crocs Brand to now grow approximately 7% to 9%.
Revenues for the HEYDUDE Brand to now contract (10%) to (8%).
Adjusted operating margin of approximately 25%.
Non-GAAP adjustments of approximately
Combined GAAP tax rate of approximately 21.5% and non-GAAP effective tax rate of approximately 18.0%.
Adjusted diluted earnings per share of
Capital expenditures of approximately
Conference Call Information
A conference call to discuss first quarter 2024 results is scheduled for today,
About
Forward Looking Statements
This press release includes estimates, projections, and statements relating to our business plans, commitments, objectives, and expected operating results that are 'forward-looking statements' within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.
These statements include, but are not limited to, statements regarding potential impacts to our business related to cost inflation, our financial condition, brand and liquidity outlook, and expectations regarding our future financial results, share repurchases, our strategy, plans, objectives, expectations (financial or otherwise) and intentions, future financial results and growth potential, statements regarding second quarter and full year 2024 financial outlook and future profitability, cash flows, and brand strength, anticipated product portfolio and our ability to deliver sustained, highly profitable growth and create significant shareholder value. These statements involve known and unknown risks, uncertainties, and other factors, which may cause our actual results, performance, or achievements to be materially different from any future results, performances, or achievements expressed or implied by the forward-looking statements. These risks and uncertainties include, but are not limited to, the following: cost inflation; current global financial conditions; the effect of competition in our industry; our ability to effectively manage our future growth or declines in revenues; changing consumer preferences; our ability to maintain and expand revenues and gross margin; our ability to accurately forecast consumer demand for our products; our ability to successfully implement our strategic plans; our ability to develop and sell new products; our ability to obtain and protect intellectual property rights; the effect of potential adverse currency exchange rate fluctuations and other international operating risks; and other factors described in our most recent Annual Report on Form 10-K under the heading 'Risk Factors' and our subsequent filings with the
All information in this document speaks only as of
CONDENSED CONSOLIDATED STATEMENTS OF INCOMEL: See full release at:
https://investors.crocs.com/news-and-events/press-releases/press-release-details/2024/Crocs-Inc.-Reports-First-Quarter-Fiscal-2024-Financial-Results/default.aspx
Investor Contact:
(303) 848-7005
emurphy@crocs.com
PR Contact:
(303) 848-7885
mlayton@crocs.com
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