Crocs reported an 11.2% rise in total revenue to $1.07bn with year-on-year growth of 12% on a constant currency basis in Q2 2023 as opposed to the previous year.
The brand explains the growth was fuelled by Asia with its revenue in the region increasing 33.2%, or 39.0% on a constant currency basis, and North America’s direct-to-consumer (DTC) comparable sales growth of 12.9%, as compared to 2022.
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Crocs further adds that income from operations increased 28.4% to $318.5m, while the operating margin improved by 29.7%, compared to 25.7% for the same period last year, due to higher gross margins and significantly less HeyDude acquisition expenses.
Meanwhile, net income increased from $160.3m to $212.4m in the second quarter this year.
Crocs says it paid down $299.1m of debt in the first half of 2023 and reduced gross leverage to 1.8x.
Andrew Rees, chief executive officer at Crocs, shares that the US-based brand is continually investing in strategic priorities that are driving its profitable growth.
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By GlobalDataRees continues: “We achieved record quarterly revenues of over $1bn, representing growth of 12% on a constant currency basis to the prior year. Both the Crocs and HeyDude brands continue to gain share and bring in new consumers with our comfortable offerings, as evidenced by direct-to-consumer growth of 26% in the second quarter.”
