Crocs stock dives on cut to 2022 forecast

BROOMFIELD — Iconic casual footwear brand Crocs Inc. (Nasdaq: CROX) posted record sales in the second quarter of 2022, but the company’s stock price fell sharply in early trading Thursday as it adjusted down earnings-per-share guidance for the full fiscal year. 

Sales for the most recent quarter were $964.6 million, up 50.5% year over year. 

Adjusted diluted earnings per share increased 45.3% to $3.24 in the second quarter compared to $2.23 in 2021.

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Both earnings and revenue topped consensus Wall Street predictions.

“I am very proud of our second quarter results,” said CEO Andrew Rees in a prepared statement. “I am particularly excited by record revenues for the Crocs brand and the strong growth internationally. Heydude continues to outperform our expectations, and we now expect nearly $1 billion in pro forma revenues this year. We have two incredibly strong brands that are well positioned to meet the needs of our core consumer with our value and comfort proposition. The consumer demand for both our brands is exceptional, and we expect both brands to gain market share in this dynamic environment. We remain incredibly confident in our long term growth and our ability to generate best-in-class profitability.”

Crocs has adjusted its full year guidance and is forecasting that adjusted diluted earnings per share will be between $9.50 and $10.30, down from previous guidance of $10.05 to $10.65.