2024-02-15 07:02:40 ET
- Crocs press release ( NASDAQ: CROX ): Q4 Non-GAAP EPS of $2.58 beats by $0.21 .
- Revenue of $960.09M (+1.6% Y/Y) beats by $1.63M .
- Revenues were $960 million, an increase of 1.6% from the same period last year, or 1.5% on a constant currency basis. Direct-to-consumer ("DTC") revenues grew 6.8% and wholesale revenues contracted 4.6%. By brand, Crocs revenues were $732 million, an increase of 10.0% from the same period last year, or 9.9% on a constant currency basis. HEYDUDE revenues were $228 million, a decrease of 18.5% from the same period last year, or 18.7% on a constant currency basis.
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With respect to the first quarter of 2024, we expect:...
- Revenues to be down 1.5% to up 0.5% compared to first quarter 2023
- Crocs Brand to grow 6% to 8% compared to first quarter 2023
- HEYDUDE Brand to contract 23% to 20% compared to first quarter 2023
- Adjusted operating margin of approximately 22%
- Adjusted diluted earnings per share of $2.15 to $2.25 vs $2.26 consensus
- Revenues to be down 1.5% to up 0.5% compared to first quarter 2023
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With respect to 2024, we continue to expect:
- Revenue growth of 3% to 5% compared to 2023 at currency rates as of December 31, 2023
- Revenues for the Crocs Brand to grow 4% to 6%
- Revenues for the HEYDUDE Brand flat to slightly up
- Adjusted operating margin of approximately 25%
- Non-GAAP adjustments of approximately $10 million primarily related to HEYDUDE's distribution and logistics project, impacting cost of goods sold
- Combined GAAP tax rate of approximately 21.5% and Non-GAAP effective tax rate of approximately 18%
- Adjusted diluted earnings per share of $12.05 to $12.50 vs $11.95 consensus.
- Capital expenditures of approximately $120 to $130 million
- Revenue growth of 3% to 5% compared to 2023 at currency rates as of December 31, 2023
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Crocs Non-GAAP EPS of $2.58 beats by $0.21, revenue of $960.09M beats by $1.63M