- Crocs Inc (NASDAQ: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.
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