US-based footwear company Crocs has generated $1.07bn in revenue in the second quarter (Q2) of fiscal year (FY) 2023, up 11.2% compared to the same period in FY22.
The company’s direct-to-customer (DTC) revenues, which comprise retail and e-commerce, rose 26.0% in Q2 FY23. Revenues for wholesale grew 0.2% against the prior year FY.
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During the quarter ending 30 June, revenues of the Crocs Brand and HEYDUDE Brand increased by 13.8% and 3.0%, respectively.
The gross margin of Crocs was 57.9% in Q2 FY23, up from 51.6% in the prior year.
Its selling, general and administrative expenses (SG&A) were $302.8m. Meanwhile, SG&A as a percent of revenues rose to 28.2% over the FY.
The company’s operating income was $318.5m in Q2 FY23, up 28.4% from last year and its operating margin improved to 29.7%.
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By GlobalDataCrocs saw its diluted earnings per share increase to $3.39 during the quarter from $2.58 for the same period last year.
Crocs chief executive officer Andrew Rees said: “We achieved record quarterly revenues of over $1bn, representing growth of 12% on a constant currency basis to the prior year.
“Both the Crocs and HEYDUDE brands continue to gain share and bring in new consumers with our comfortable offerings, as evidenced by DTC growth of 26% in the second quarter. We continue to invest behind our strategic priorities that are driving profitable growth.”
In the third quarter, the footwear manufacturer expects revenue growth of approximately 3% to 5% to approximately $1.01bn to $1.03bn.
Crocs expects an adjusted operating margin of approximately 27.0% and adjusted EPS of $3.07 to $3.15.
For the full year, the retailer anticipates consolidated revenue of approximately $4bn to $4.06bn.
Earlier this month, Crocs filed a complaint against its rival company Joybees in the US District Court of Colorado for “misappropriation and use of its trade secrets.
