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Crocs Stock Climbs on Blowout Quarter and Guidance Tops Estimates

Crocs reports record revenue as direct-to-consumer sales surge.
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Shares of casual shoe maker Crocs (CROX) - Get Report jumped in premarket trading Thursday after the company reported second-quarter earnings and revenue that topped estimates. 

The Broomfield, Colorado-based company reported second-quarter earnings of $2.23 a share on record revenue of $641 million. Analysts were expecting earnings of $1.59 a share on revenue of $567 million. 

"We continue to see strong consumer demand for the Crocs brand globally. On the back of record second quarter results and continued momentum, we are raising our full year 2021 guidance," said CEO Andrew Rees.

Crocs shares were rising 10.4% to $132.50 early Thursday.

For the third quarter, Crocs expects revenue to grow between 60% and 70% . Revenue for the year is expected to grow between 60% and 65%.

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Analysts are expecting third-quarter and full-year revenue to grow 41% and 47.9%, respectively, year over year. 

The company also committed to net zero carbon emissions by 2030 as the company looks to "deliver sustained, highly profitable growth," while not harming the environment, Rees said. 

The company's Americas segment saw revenue jump 135.6% year over year while also showing growth internationally. Direct-to-consumer sales grew 78.6% year over and 86.4% compared with 2019 levels. 

Operating income tripled in the quarter to $195.3 million as compared to 2020 and operating margins expanded to 30.5% in the quarter. 

Direct-to-consumer revenue increased nearly 80% year over year to $333.4 million, meaning more than half the company's revenue came through direct channels. 

Wholesale revenue increased 112% to $307 million in the company's blowout quarter .