Crocs’ direct to customer revenues increased 17.8% in third quarter 2023. Credit: Choo Yut Shing/ Flickr (Creative Commons).

Footwear company Crocs has registered consolidated revenues of $1.04bn in the third quarter (Q3) of fiscal 2023 (FY23), up 6.2% compared to the same period in FY22.

Direct-to-customer revenues were up 17.8% during the quarter, compared to the same quarter of the prior fiscal year, while wholesale revenues dropped by 3.6%.

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Crocs brand posted revenue growth of 11.6% to $798.8m in Q3 FY23, while the HEYDUDE brand reported a revenue drop of 8.3% to $246.9m over the quarter.

The retailer posted a gross margin of 55.6% in Q3 FY23, against 54.9% a year previously. Its adjusted gross margin was 57.4%, improved by 230 basis points from 55.1%.

Its income from operations grew by 3.7% to $273.9m in Q3 FY23, but its operating margin dropped slightly from 26.8% in Q3 FY22 to 26.2%.

Crocs’ diluted earnings per share (EPS) were $2.87, up 5.5% from $2.72 for the same period a year previously.

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Crocs chief executive officer Andrew Rees stated: “We delivered a strong third quarter, exceeding the high end of our guidance, led by double-digit revenue growth in our Crocs brand supported by healthy full-price selling and industry-leading operating margins.

“Both our brands gained share during the back-to-school season. During the quarter, we took decisive action around HEYDUDE to accelerate our marketplace management strategy to ensure long-term brand health. As such, we are adjusting our full-year outlook to reflect this shift.”

The retailer has expected its fourth quarter revenues to decline approximately 1% to 4% and full-year revenue to grow approximately 10% to 11% against 2022.

It anticipated adjusted diluted EPS of $2.05 to $2.35 in Q4 FY23 and adjusted diluted EPS between $11.55 and $11.85 in FY23.