- Crocs Inc (NASDAQ:CROX) shares are plunging Thursday morning as its second-quarter guidance was below Street expectations. CROX’s first-quarter results topped estimates.
- CROX reported Q1 2023 revenue growth of 33.9% Y/Y to $884.2 million, beating the consensus of $856.0 million.
- Wholesale revenue grew 34.2% Y/Y, and Direct-to-consumer (DTC) sales increased 33.5% Y/Y.
- Adjusted EPS of $2.61 beat the analyst consensus of $2.15.
- Adjusted gross margin expanded to 54.2% from 53.9% a year ago.
- Selling, general and administrative expenses increased to $241.4 million from $206.2 million a year ago.
- Adjusted operating margin expanded 130 basis points Y/Y to 27.9% in the quarter.
- The company held $125.7 million in cash and cash equivalents as of March 31, 2023.
- Outlook: Crocs sees Q2 revenue of $1.026 billion – $1.049 billion (growth of 6% – 9%), missing the Street view of $1.06 billion.
- CROX sees Q2 Adjusted EPS of $2.83 – $2.98, below the consensus of $3.23.
- For 2023, the company raised guidance for adjusted EPS to $11.17 – $11.73 (vs. prior outlook of $11.00 – $11.31 and consensus of $11.23) and revenues to around $3.945 billion – $4.045 billion at current currency rates (vs. previous guidance of $3.9 billion – $4.0 billion and consensus of $4.01 billion), up 11% – 14% Y/Y.
- Price Action: CROX shares are trading lower by 18.5% at $120.40 on the last check Thursday.
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