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Crocs issues third consecutive quarter of record revenue, dominant non-digital route to market, online sales begin to slow

Friday, Jul 23, 2021

For the third consecutive quarter, Crocs has brought in record numbers. In Q2, the company’s clog revenues increased 101% to 74% of footwear sales vs. 68% in Q2 2020. Crocs sees themselves as a market leader, with the opportunity to grow substantially in their retail category.

“On the back of record second quarter results and continued momentum, we are raising our full year 2021 guidance,” said Andrew Rees, Chief Executive Officer at Crocs. 

Highlights from Q2 include:

  • Third consecutive quarter of record revenue
  • Revenue of $641M, +93% and +79% vs. PY and 2019, respectively
  •  Non-GAAP income from operations increased approximately $123M to $196M
    • Non-GAAP operating margin expansion to 31% up from 22%

Digital sales grew 25% vs. prior year and 99% vs. 2019, to represent 36% of revenues. With digital sales slowing down year-over-year, the brand initiates the non-digital route in future growth plans, to continue focus on Crocs’ dominant direct-to-consumer and wholesale growth strategies. Their physical footprint, which includes company-operated full-price retail and outlet stores, kiosks, and store-in-stores, has plenty of opportunities to take advantage of long-term growth initiatives and amplify on the positive momentum in DTC channels.

Source: Crocs – Investor Presentation July 2021
Photo Credit: Crocs Locations

About Crocs, Inc
Crocs, Inc. (Nasdaq: CROX) is a world leader in innovative casual footwear for women, men, and children, combining comfort and style with a value that consumers know and love. The vast majority of shoes within Crocs’ collection contains Croslite™ material, a proprietary, molded footwear technology, delivering extraordinary comfort with each step.

In 2021, Crocs declares that expressing yourself and being comfortable are not mutually exclusive. To learn more about Crocs or our global Come As You Are™ campaign, please visit www.crocs.com or follow @Crocs on Facebook, Instagram, and Twitter.

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