The iconic footwear company reported that sandals revenues climbed by 17.1 percent to comprise 17.3 percent of footwear sales, according to the announcement.
“Demand for the Crocs brand is stronger than ever with expected 2021 revenue growth of 40 percent to 50 percent. In the first quarter we achieved record revenues and profitability, with growth in all regions and all channels. We have raised full year guidance as we continue to see consumer demand for our product accelerate globally,” CEO Andrew Rees said in the announcement.
Crocs reported that gross margin climbed 730 basis points to 55 percent in the quarter from 47.7 percent in the same timeframe last year. It said that adjusted gross margin increased by 720 basis points from the same timeframe last year.
The company also reported that selling general and administrative expenses (SG&A) grew to $128.5 million from $113.4 million in the same timeframe last year. However, it said that “SG&A as a percent of revenues improved to 27.9 percent from 40.3 percent.”
Crocs also reported $8 million in capital expenditures for the three months concluding on March 31, 2021 in contrast to $16.1 million for the same timeframe last year.
The company also reported that inventories climbed to $196.5 million as of March 31 of this year and that borrowings as of March 31 of this year were $341.1 million.
All in, Crocs reported $1.49 in adjusted diluted earnings per share on $460.1 million in revenues.
In terms of financial outlook for Q2 2021, Crocs said it anticipates “revenue growth to be between 60 percent and 70 percent compared to second quarter 2020 revenues of $331.5 million.”
Crocs, a footwear company serving women, men and kids, says that most of the shoes inside its collection have the “Croslite material, a proprietary, molded footwear technology, delivering extraordinary comfort with each step.”