Crocs, Inc. (NASDAQ: CROX), a leading casual footwear company that is known for the distribution and production of foam clog shoes, announced financial results for the first quarter of 2021. CROX stock surged immensely adjacent to the news.
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Crocs Inc. (CROX) shares were rising 18.71% to trade at $100.72 in the current market at the last check. The stock of CROX completed the previous trading session at $84.84. The price range of the company’s shares was between $84.01 and $85.765. Moreover, the stock is currently trading at an RSI of 73.06.
About Crocs Inc Financial report
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First-quarter revenue had a substantial increase of 63.6%, or 60.5%from the same period last year, bringing in a record revenue of $460.1M. Digital sales also soared 75.3% and depicted 32.3% of revenue in comparison to 30.1% the previous year.
Operating income reached $124.7 million from $20.8 million the previous year with operating margins increasing significantly to 27.1% versus 7.4% in 2020. Diluted earnings per share increased 818.8% reaching $1.47 vs $0.16 for the same period the prior year.
America saw an increment of 87.5% to reach revenue of 276.4M, on a constant currency basis. Asia Pacific also saw an increase of 20.1 percent to reach revenues of 82.6M. EMEA revenue also increased by 41.0% to reach $101.1M
Crox inventory also surged to $196.5 million as of March 31, 2021, vs $175.1 million as of December 31. The liquidity position of the company also remains considerable, with $499.7 million in available borrowing capacity.
During the first quarter, Crox had repurchased almost 0.6M shares of common stock at a price of 76.95 per share which accounted for $50M. Crocs Inc, having a share repurchase authorization of $1.0B consists of $287.8 million remaining for future share repurchases.
For the second quarter, Crocs is expecting a year-over-year revenue increase between 60% and 70%, with Non-GAAP operating margins to be in between the ballpark figure of 21% and 23%.
Andrew Rees, Chief Executive Officer, said, “Demand for the Crocs brand is stronger than ever with expected 2021 revenue growth of 40% to 50%. In the first quarter, we achieved record revenues and profitability, with growth in all regions and all channels”.
Crox offered a better-than-expected outlook for the current quarter, and are anticipated to produce a decent profit as their stock price surged 15.04% after announcing their financial report. Furthermore, focusing on consumer orientation combined with target market expanded throughout the globe has peaked investor interest for the company.