Crocs, the well-known brand of plastic clogs, experienced a remarkable 64% increase in sales for the first quarter of 2021. This growth can be attributed to the strong performance of its direct-to-consumer (DTC) channel. The company, based in Broomfield, Colorado, generated revenues of $460.1 million in the first quarter, a significant rise from $281.2 million during the same period in the previous year. When adjusted for currency fluctuations, Crocs’ year-over-year revenue growth reached an impressive 60.5%.

The DTC revenues in the first quarter of 2021 saw a remarkable surge of 93.3%, amounting to $170.1 million compared to $88.0 million in the same period of the prior year. Additionally, wholesale revenues grew by 50.1% to reach $290.0 million. Digital sales also experienced substantial growth, soaring by 75.3% compared to the previous year, and contributing to 32.3% of the total quarterly revenue.

From a geographical perspective, Crocs reported revenues of $276.4 million in the Americas, representing an 87.5% increase when adjusted for currency fluctuations. In the Europe, Middle East, and Africa (EMEA) region, sales reached $101.1 million, experiencing a year-over-year rise of 41.0%. Revenues in the Asia Pacific region increased by 20.1% to $82.6 million.

The success of Crocs’ sandals segment was a notable highlight, as it achieved a 17.1% increase in revenues, accounting for 17.3% of the company’s total footwear sales. Overall, the net income for the quarter amounted to $98.4 million, a substantial rise compared to $11.1 million during the same period in the previous year. Diluted earnings per share also reached a record high of $1.47, experiencing a significant increase of 818.8% from $0.16 in Q1 of 2020.

Andrew Rees, the CEO of Crocs, expressed great optimism regarding the brand’s future growth, emphasizing that the demand for Crocs is currently stronger than ever. The company raised its full-year revenue guidance, anticipating a growth of 40% to 50% in 2021. Rees attributed the record revenues and profitability in the first quarter to the strong growth in all regions and channels.

Looking forward, Crocs foresees a revenue growth of 60% to 70% in the second quarter, compared to $331.5 million during the same period last year. For the full fiscal year, the company forecasts a revenue growth of 40% to 50%, exceeding last year’s total of $1.4 billion.

Despite closing two stores in the first quarter, Crocs currently operates 349 locations worldwide. This includes 165 stores in the Americas, 135 in the Asia Pacific region, and 49 in EMEA. The brand’s popularity continues to soar, captivating consumers globally.

Useful links:
1. Crocs Official Website
2. Crocs Reports Record First Quarter Revenues