Footwear retailer Crocs (Broomfield, Colo.) this week announced record revenues in its second quarter 2022 financial report.
Compared to 2021, Crocs’ consolidated revenue of $964.6 million marked an uptick of 50.5 percent. The company also notched a quarterly record of $732.2 million in brand revenue, an increase of 14.3 percent. Crocs’ subsidiary, Heydude of Riverside, Calif., which it acquired for $2.5 billion in December, stepped into a 96 percent rise in brand revenue, generating $232.4 million.
“I am very proud of our second quarter results,” said Andrew Rees, CEO of Crocs Inc. “I am particularly excited by record revenues for the Crocs brand and the strong growth internationally. Heydude continues to outperform our expectations and we now expect nearly $1 billion in pro forma revenues this year.”
Online sales helped lace up profits for Crocs, with digital sales growing 16.8 percent, which now represent 37.2 percent of Crocs’ brand revenues. Heydude’s digital penetration accounted for 31.5 percent of its revenues.
The North American market continued to lead sales for Crocs, which increased 7.6 percent to $423 million. Embracing Crocs’ brand casual footwear, the company’s Asia Pacific market also grew, netting $148.9 million. A healthy 32.8 percent rise in sales in Europe, the Middle East, Africa and Latin America brought in the footwear company $160.4 million.
“We have two incredibly strong brands that are well positioned to meet the needs of our core consumer with our value and comfort proposition. The consumer demand for both our brands is exceptional and we expect both brands to gain market share in this dynamic environment. We remain incredibly confident in our long term growth and our ability to generate best-in-class profitability,” says Rees.
For 2022, the company expects consolidated revenues to be approximately $3.395 to $3.505 billion. Revenues are estimated be $2.545 to $2.615 billion, implying 14 percent to 17 percent growth. The Heydude brand’s are anticipated to be approximately $850 to $890 million.