Crocs booked higher net income in the second quarter

Crocs says its net income rose by 7.8 per cent in the second quarter to US$228.9 million as revenue grew 3.6 per cent to $1.11 billion.

Crocs brand’s revenue increased 9.7 per cent to $914 million with its direct-to-consumer revenue rising 12.5 per cent to $479 million and wholesale revenue growing 6.9 per cent to $435 million.

By market, Crocs brand’s sales climbed 3 per cent to $489 million in North America and soared 18.7 per cent to $425 million internationally.

However, HeyDude brand’s revenue fell 17.5 per cent to $198 million, with DTC revenue declining 7.6 per cent to $84 million and wholesale revenue plunging 23.5 per cent to $114 million.

“Strength in the quarter was led by our Crocs brand with exceptional growth internationally,” said Andrew Rees, Crocs CEO.

“As it relates to HeyDude, we are making improvements to support long-term brand health and are focused on driving brand heat by accelerating marketing in the second half of the year.”

The company expects revenue to be down 1.5 per cent to up 0.5 per cent in the third quarter compared to the year-ago period.

For the full year, Crocs estimates revenue to grow 3 per cent to 5 per cent.

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