Crocs reports revenues up in Q2

BROOMFIELD — Crocs Inc. (Nasdaq: CROX), the casual footwear maker based in Broomfield, has reported that its revenues grew 93% in its second quarter that ended June 30.

The shoe company also announced in its second-quarter report that it is committing to become a net zero emissions company by 2030 by targeting a transition to sustainable ingredients, minimizing packaging and exploring product afterlife solutions.

“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,” CEO Andrew Rees said in a written statement.

Highlights of its financial report include:

• Revenues of $640.8 million, up 93.3%, or 88.4% on a constant currency basis as compared with 2020. Revenue growth was strong in all regions, with the Americas up 135.6%, Asia Pacific up 27.1% and Europe, Middle East, and Africa  up 52.6%, the company said.
• Digital sales grew 25.4% to represent 36.4% of revenue versus 56.1% and 32.6% of revenue in 2020 and 2019, respectively.
• Direct-to-consumer sales grew 78.6% compared with 2020 and 86.4% compared with 2019, to represent 52% of second-quarter revenues.
• Operating income more than tripled to $195.3 million compared with 2020, and operating margins expanded to 30.5%.

It’s guidance for the full year now includes anticipated revenue growth to be between 60% and 65% compared with 2020 revenues of $1.39 billion, non-GAAP operating margin of about 25% and capital expenditures of between $80 million and $100 million for supply-chain investments.

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