Crocs Shares Jump After Q3 Beat, Solid FY21 Outlook - Crocs (NASDAQ:CROX)

Crocs Inc CROX reported third-quarter FY21 sales growth of 73% year-on-year, to $625.92 million, beating the analyst consensus of $610.01 million.
Revenue growth was driven by strength in the Americas, which raked in $455.9 million, up 94.5% on a CC basis Y/Y.
Digital sales grew 68.9%, and Direct-to-consumer (DTC) sales increased 60.4% Y/Y.
The gross margin expanded 670 basis points to 63.9%, while the adjusted gross margin rose 680 basis points to 64.2%.
Selling, general and administrative expenses increased 46% to $196.7 million. SG&A as a percent of revenues improved to 31.4% from 37.2% last year.
The operating margin expanded 1250 basis points to 32.4%, and the operating income more than doubled to $203.1 million.
The company held $441.7 million in cash and equivalents as of September 30, 2021.
Adjusted EPS of $2.47 beat the analyst consensus of $1.88.
"Globally, our teams are managing through the supply chain disruptions to mitigate the impact on our business," said CEO Andrew Rees.
Outlook: Crocs sees FY21 sales growth of 62% - 65% (prior view 60% - 65% growth). Non-GAAP operating margin of 28% (prior view 25%).
The company expects FY22 sales growth to exceed 20% compared to 2021.
Price action: CROX shares are trading higher by 12.1% at $152.4 in premarket on the last check Thursday.