Retail in Asia

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Crocs announces financial results


Crocs, Inc., a casual footwear for women, men, and children company, reported its second quarter revenues grew 93 percent to US$641 million.

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“We continue to see strong consumer demand for the Crocs brand globally. On the back of record second quarter results and continued momentum, we are raising our full year 2021 guidance,” said Andrew Rees, Chief Executive Officer.

“We are also committing to net zero emissions by 2030, enabling us to provide ‘comfort without carbon’ to our customers worldwide. I believe we can deliver sustained, highly profitable growth while having a positive impact on our planet and our communities,” continued Rees.

The Group reported its record revenues of US$640.8 million increased 93.3 percent, or 88.4 percent on a constant currency basis as compared to 2020. Revenue growth was strong in all regions, with the Americas up 135.6 percent (revenues of US$405.7 million) Asia Pacific up 27.1 percent (Revenues of US$126.8 million) and Europe, Middle East, and Africa (“EMEA”) up 52.6 percent (Revenues of US$108.3 million) on a constant currency basis versus prior year.

Digital sales grew 25.4 percent to represent 36.4 percent of revenue versus 56.1 percent and 32.6 percent of revenue in 2020 and 2019, respectively. Direct-to-consumer (“DTC”) sales grew 78.6 percent compared to 2020 and 86.4 percent compared to 2019, to represent 52.0 percent of second quarter revenues. Operating income more than tripled to US$195.3 million as compared to 2020 and operating margins expanded to 30.5 percent.

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Crocs strives to make a positive impact on the global footwear industry and the planet by committing to transparent, socially conscious, and sustainable business practices. This week Crocs committed to becoming a net zero emissions company by 2030, prioritizing the mitigation of Scope 1, 2 and 3 CO2 equivalent emissions. The plan Crocs is implementing to achieve this commitment centers on the transition to sustainable ingredients, minimizing packaging, responsible resource use, and exploring innovative product afterlife solutions. Additionally, the Group remains committed to community and inclusivity, rooted in a culture of governance, transparency, and accountability.