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Crocs’ Revenue For Q2 2023 Exceeds a Billion Dollars

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Crocs' Revenue For Q2 2023 Exceeds a Billion Dollars

(CTN News) – There has been an announcement regarding the financial status of Crocs for the second quarter, during which it reported “record” quarterly revenues of more than one billion dollars, which represents 12 percent growth over the same quarter last year for the footwear specialist.

As a result of revenue growth of 13.8 percent to 833 million dollars, the Crocs brand saw sales increase by 33.2 percent in Asia, where revenues increased 33.2 percent, and 12.9 percent in North America DTC, where sales increased 12.9.

The Heydude brand has experienced a 29.7 percent increase in DTC revenues in the last six months, with a 36.7% increase in digital revenues as well.

There was an increase in sales, general, and administrative expenses from 249.8 million dollars to 302.8 million dollars based on the company’s financial report for this past year, which showed a gross margin of 57.9 percent, which compared to 51.6 percent in the previous year.

Furthermore, it is also worth mentioning that Crocs’ diluted earnings per share for the first quarter have also increased, increasing from 31.4% to 3.39 dollars, compared to its previous 2.58 dollars, showing an increase from 31.4% to 3.39 dollars.

The Crocs company expects that its revenue for FY23 will increase by more than 12.5%

There were 166.2 million dollars in cash and cash equivalents as of June 30, 2023, a drop of just under 30 million dollars from June 30, 2022.

As for the third quarter of the year, Crocs has stated that it expects to see further growth of 3 to 5 percent, with revenues expected to sit between 1,013 and 1,034 million dollars, while its adjusted operating margin is predicted to be around 27 percent for the quarter.

There is an expectation that the group will see revenue growth between 12.5 and 14.5 percent for the full year of 2023, with Crocs revenue expected to increase 12 to 13 percent while Heydude revenue is also expected to increase between 14 and 18 percent for the full year.

The company’s adjusted operating margin is now expected to be approximately 27.5 percent, while its adjusted diluted earnings per share is expected to range from 11.83 dollars to 12.22 dollars in the next three months.

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