Q3 2024 Crocs Inc Earnings Call Transcript
Key Points
- Crocs Inc (CROX) reported third quarter results that exceeded guidance in terms of sales and profitability, with consolidated enterprise revenues of $1.1 billion, growing 2% year-over-year.
- The Crocs Brand grew 8%, with international sales up 17% and North America sales up 2%, showcasing strong global performance.
- Adjusted diluted EPS increased by 11% to $3.60 per share, indicating improved profitability.
- The company successfully launched several high-profile collaborations, including partnerships with McDonald's and Bath & Body Works, driving significant consumer engagement.
- Crocs Inc (CROX) achieved inventory turns above their goal of 4 times annually, reflecting efficient inventory management.
- HEYDUDE revenues contracted by 17%, slightly below expectations, indicating challenges in this segment.
- The company noted a consumer pullback in North America post-Labor Day, anticipating a muted consumer environment until the holiday season.
- HEYDUDE's performance marketing strategy shift negatively impacted digital performance, contributing to lower-than-expected sellouts.
- Crocs Inc (CROX) lowered its full-year revenue growth outlook for HEYDUDE from a decline of 8%-10% to approximately 14.5%, reflecting ongoing challenges.
- The company anticipates incremental pressure on EBIT margin rates in 2025 due to continued investments in talent, marketing, digital, and retail.
Good day and welcome to the Crocs third quarter 2024 earnings conference call. (Operator Instructions) Please note this event is being recorded.
I would now like to turn the conference over to Erinn Murphy, Senior Vice President of Investor Relations and Corporate Strategy. Please go ahead.
Good morning and thank you for joining us to discuss Crocs Inc third quarter results. With me today are Andrew Rees, Chief Executive Officer; and Susan Healy, Chief Financial Officer. Following their prepared remarks, we will open the call for your questions which we ask that you limit to one per caller.
Before I begin, I would like to remind you that some of the information provided on this call is forward-looking and accordingly is subject to the safe harbor provisions of the federal securities laws.
These statements include but are not limited to statements regarding our strategy, plans, objectives, expectations and intentions including our
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
