Crocs revenues rise by 33.9% to $884m in Q1

The world leader in innovative casual footwear, Crocs Inc, has reported consolidated revenues of $884.2m (£709m) in Q1, an increase of 33.9% compared to 2022.

Crocs Brand international revenues grew 31.8% with Europe, Middle East, Africa, and Latin America revenues of $157.5m (£126.4m), an increase of 21.2%.

Net income reported for the period is $149.5m (£120m) while capital expenditures during the three months were $27.6m (£22.1m), compared to $39.8m (£31.9m) for the same period last year, which Crocs said was a reflection of continued investments in its distribution centres.

Regarding Q2, the group has said to be expecting revenues to grow approximately 6% to 9% compared to second quarter 2022, resulting in revenues of approximately $1,026bn (£823m) to $1,049bn (£842m) at current currency rates.

Andrew Rees, chief executive officer, said: “Our exceptional first quarter results are a testament to the strength of our brands. The Crocs Brand grew 19% as we see a strong consumer response to our new clog and sandal introductions. The HEYDUDE brand is gaining momentum and experienced outstanding DTC growth.

“We are raising our 2023 revenue growth outlook to now be 11% to 14%, resulting in revenues of approximately $4bn (£3.2bn), reflecting our confidence in our ability to continue to gain market share, deliver best-in-class profitability, and generate strong cash flow.”