Crocs raises 2023 revenue guidance to $4B after strong first quarter
BROOMFIELD — Crocs Inc.’s (Nasdaq: CROX) has raised its full-year 2023 sales projections after posting earnings of $149 million on sales of $884.2 million — a year-over-year increase of 33.9% — in the first quarter of 2023.
“Our exceptional first quarter results are a testament to the strength of our brands. The Crocs Brand grew 19% as we see a strong consumer response to our new clog and sandal introductions. The Heydude brand is gaining momentum and experiencing outstanding DTC growth,” Crocs CEO Andrew Rees said in a prepared statement. “We are raising our 2023 revenue growth outlook to now be 11% to 14%, resulting in revenues of approximately $4 billion, reflecting our confidence in our ability to continue to gain market share, deliver best-in-class profitability, and generate strong cash flow.”
Despite the sales growth, Crocs’ stock price tumbled on Thursday, due in part to the failure of the company’s second quarter revenue guidance of $1 billion to meet Wall Street expectations.
Crocs’s stock ended the trading day at $124.32, down 15.87% on the day.