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$CROX (+0.1%) | Crocs Q3'24 Earnings Highlights


๐Ÿ”น Revenue: $1.06B (Est. $1.05B) ๐ŸŸข; UP 2% YoY

๐Ÿ”น Adj EPS: $3.60 (Est. $3.10) ๐ŸŸข; UP 11% YoY

๐Ÿ”น Inventory: $367M (down from $390M YoY)


FY24 Guidance:

๐Ÿ”น Revenue Growth: ~3% YoY (Lower end of prior 3%-5% range) ๐Ÿ”ด

๐Ÿ”น HEYDUDE Revenue: DOWN 14.5% (Prior: DOWN 10%-8%) ๐Ÿ”ด

๐Ÿ”น Crocs Brand Growth: ~8% (Prior: 7%-9%)

๐Ÿ”น Adjusted EPS: $12.82-$12.90 (Est. $12.85) ๐ŸŸก

๐Ÿ”น Adjusted Operating Margin: >25%

๐Ÿ”น Capital Expenditures: $90M-$100M (Lowered from $100M-$110M)


Q4'24 Guidance:

๐Ÿ”น Adjusted EPS: $2.20-$2.28 (Est. $2.73) ๐Ÿ”ด

๐Ÿ”น Revenue: Flat to slightly up YoY

๐Ÿ”น Crocs Brand Growth: ~2%

๐Ÿ”น HEYDUDE Revenue: DOWN 6%-4%


Segment Performance:

Crocs Brand

๐Ÿ”น Revenue: $858M; UP 7.4% YoY

๐Ÿ”ธ DTC Revenue: $463M; UP 7.7%

๐Ÿ”ธ Wholesale Revenue: $396M; UP 7.1%

๐Ÿ”ธ International Revenue: $367M; UP 15.5% YoY


HEYDUDE Brand

๐Ÿ”น Revenue: $204M; DOWN 17.4% YoY

๐Ÿ”ธ DTC Revenue: $91M; DOWN 9.3%

๐Ÿ”ธ Wholesale Revenue: $113M; DOWN 22.9%


Key Commentary:

CEO Andrew Rees stated:

๐Ÿ”ธ โ€œOur Crocs brand showed balanced growth, with strong gains internationally and in direct-to-consumer channels.โ€

๐Ÿ”ธ โ€œHEYDUDE's turnaround is taking longer than expected, given current market conditions and brand challenges, but we are confident in its long-term potential.โ€


Balance Sheet and Cash Flow:

๐Ÿ”น Cash and Cash Equivalents: $186M (UP from $127M YoY)

๐Ÿ”น Debt Repayment: $110M

๐Ÿ”น Share Repurchase: 1.1M shares repurchased for $151M; $549M remaining authorization

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