American footwear giant Crocs Inc. announced on November 3 that global revenues for the recently ended third quarter increased some 57 percent, on the back of double-digit sales gains in the company’s Asia-Pacific region, which saw the most growth during the three-month period.
The clog maker said consolidated revenues for the third quarter totalled USD 985.1 million, an increase of 57.4 percent, or 63.0 percent on a constant currency basis, as compared to 2021. By brand, Crocs quarterly revenues increased 14.3 percent to USD 715.7 million, while HeyDude revenues were USD 269.4 million, up approximately 87 percent, compared to 2021.
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By geographic region, Crocs APAC revenues surged to USD 138.5 million, up 65.5 percent, or 82.3 percent on a constant currency basis, the biggest growth market for the company during the quarter. The company said it opened three new company-operated retail locations in the region during the quarter, taking its APAC store count to 178.
Elsewhere, Crocs Europe, Middle East, Africa, and Latin America revenues increased 26.9 percent to USD 131.9 million, while domestic U.S. sales inched forward 1.7 percent to USD 445.3 million.
Net income for the three months ending September 30 increased USD 169.3 million, from USD 153.5 million, last year.
“Our exceptional third quarter results, including record revenue and industry-leading adjusted operating margin of 28 percent are a testament to the strength of the Crocs and HeyDude brands,” said Andrew Rees, Chief Executive Officer.
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“We are raising 2022 guidance following our strong back-to-school performance and 20 percent constant currency revenue growth in the Crocs Brand. We are confident in our ability to continue to gain significant market share, deliver best-in-class profitability, and generate strong cash flow.”
Looking ahead, Crocs said it now expects consolidated revenues to be approximately USD 3.455 to USD 3.52 billion, representing growth between 49 percent and 52 percent, compared to 2021.
It also confirmed it expects Crocs brand revenues to still be USD 5 billion by 2026.