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Crocs registers 3.6% rise in revenues during Q2, FY24

  

Crocs Inc registered a 3.6 per centincrease in Q2, FY24 sales to $1.1 billion. The company’s growth during the quarter was largely driven by a significant rise in direct-to-consumer (DTC) sales, particularly in international markets.

The Colorado-based company saw an 8.9 per cent growth in DTC revenues, while wholesale revenues declined by 1.3 per cent for the three months ending June 30. Revenue from the Crocs brand rose 9.7 per cent to $914 million, fueled by increases in both DTC and wholesale channels. North American revenues grew by 3 per cent to $489 million, while international revenues increased by 18.7 per cent to $425 million. In contrast, HeyDude revenues fell by 17.5 per cent to $198 million. The company’s net income for the quarter declined to $229 million from $277 million in the same period last year.

Andrew Rees, CEO, attributes the strong performance to exceptional international growth for the Crocs brand. Regarding the HeyDude brand, Rees emphasises on the efforts taken to improve long-term brand health and plans to enhance brand visibility through increased marketing in the latter half of the year.

Additionally, Crocs recently partnered with Apparel Group India to expand its retail presence in North and East India. Apparel Group will serve as Crocs' exclusive retail licensee for the region, further bolstering the company's global footprint.

 
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