Crocs Inc. shares were in double digits in premarket trading Tuesday after a first-quarter blowout report was released and the clog manufacturer’s guidelines were raised.
In the three months ended December 31, 2019 On March 23, the Broomfield, Colorado-based company posted adjusted earnings of $ 1.49 per share, compared to earnings of 16 cents per share for the same period last year. Wall Street had forecast earnings of 89 cents per share. Revenue rose 63.6% to $ 460.1 million, compared to consensus bets of $ 415.3 million.
In the first quarter, the brand’s direct customer business improved 93.3% to 170.1 million , While the wholesale channel grew 50.1% to $ 290 million. Geographically, the Americas grew 87.5% to $ 276.4 million, Asia-Pacific increased 20.1% to $ 82.6 million, and Europe-Middle East-Africa increased 41% to 101 , 1 million USD.
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Crocs also highlighted its digital sales, which grew 75.3% and represented 32.3% of sales in the three months compared to 30.1% in the same period last year. In addition, sales of sandals rose 17.1%.
« Demand for the Crocs brand is stronger than ever, » CEO Andrew Rees said in a statement. “In the first quarter we achieved record sales and profitability, with growth in all regions and all channels. We have raised our guidance for the full year as consumer demand for our product continues to accelerate worldwide. “
For the 2021 fiscal year, Crocs anticipated sales growth of between 40% and 50% from 2020 on sales of $ 1.39 billion.
The company forecast sales growth of between 60% and $ 1.39 billion for the second quarter 70% over last year sales of $ 331.5 million. Investors are expected to keep an eye on their business in North America, where Crocs has chosen to end select wholesale relationships – a strategy it has used to maintain brand positioning. (The shoemaker wrote in a letter to an undisclosed number of retailers earlier this month that he would be canceling open orders as part of the decision to end the sales contract on April 30.) Crocs announced that it would be canceled as of April 30th Cash and cash equivalents totaled $ 255.9 million at the end of the first quarter, with investments of $ 8 million and inventories of $ 196.5 million. The liquidity position remains strong with $ 499.7 million of available credit capacity.
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