Crocs posts record third-quarter revenue of $362.7M

BROOMFIELD — Casual footwear maker Crocs Inc. (Nasdaq: CROX) reported record third-quarter revenue.

Revenue increased 15.7%, to $362.7 million, beating the previous record of $312.8 million from the same period a year ago. Digital sales increased by 35.5%, while retail comparable stores increased by 16.2%.

Net income totaled $61.9 million, up from $35.7 million for the same period a year ago. Diluted earnings per share increased 78.4% to a quarterly record of 91 cents, compared with 51 cents in the third quarter of 2019.

“We achieved record third quarter revenue and EPS despite the challenges presented by the global COVID-19 pandemic,” Crocs CEO Andrew Rees said in a prepared statement. “Our extraordinary performance and strong cash flow generation demonstrates the strength of the Crocs brand and product offering globally. I am tremendously proud of how we have executed as a team and am excited for our future.”

Crocs said it expects fourth-quarter revenue to grow by 20% to 30% over the prior-year period, with full-year revenue growth of 5% to 7%.