Proactive Investors - Crocs, Inc. (NASDAQ:CROX) shares shuffled higher as the footwear maker beloved by hospital workers, kitchen staff and the Kardashians reported record first quarter sales and raised its full-year guidance.
The plastic clog-maker generated $939 million of revenue in the first three months of 2024, up 6% on a year ago.
Sales in North America increased 9% to $383 million, while international revenues rose 21.3%. Sales of its Crocs brand were up but partly offset by a decline for its HeyDude brand.
Income from operations fell 4% to $226 million but adjusted income was up 3% to $255 million
Adjusted diluted earnings per share (EPS) increased 15.7% to $3.02.
CEO Andrew Rees called it an "exceptional" first quarter and said: "Our record revenue, industry-leading gross margins and the power of our diversified business enabled us to raise our full-year adjusted diluted earnings per share outlook."
He said revenue expectations for the HeyDude brand are being reduced for the balance of the year, but the company is "confident in the long-term opportunity," with a new brand president appointed "to fully unlock its future potential."
For the year, new group guidance is for revenue growth of 3% to 5%, with Crocs brand up 7% to 9% and HeyDude to now contract 10% to 8%.
Full-year adjusted diluted EPS of $12.25 to $12.73 is expected, not accounting for the impact from share repurchases, with $875 million remaining on its current program.
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