Shares for Crocs Inc. jumped nearly 18 percent on Thursday morning after the shoe company said it closed 2024 on a high note.
According to the Broomfield, Colo.-based footwear brand, consolidated revenues in the fourth quarter of fiscal 2024 were $990 million, an increase of 3.1 percent from $960.1 million the same time last year. Net income in the quarter was $368.9 million, up from $253.6 million the prior year period, and diluted earnings per share were $6.36, a 52.9 percent increase from $4.16 last year.
By brand, the Crocs label’s revenues once again drove Q4’s strong results, with sales up 4.0 percent to $762 million. These results reflected a 5.0 percent increase in direct-to-consumer to $447 million and a 2.7 increase in wholesale to $315 million in the period.
Revenues for the Hey Dude brand in Q4 were flat against the same time last year at $228 million, which reflected a 7.2 percent increase to $133 million in DTC and a 8.6 percent decrease to $95 million in wholesale.
As for the full fiscal 2024, the company reported consolidated revenues for $4.10 billion, an increase of 3.5 percent from $3.96 billion in fiscal 2023. Net income for the year was $950.1 million, up from $792.6 million the prior year period, and diluted earnings per share were $13.17, a 9.5 percent increase from $12.03 last year.
By brand, Crocs revenues grew 8.8 percent to $3.3 billion in fiscal 2024. The results reflected a 9.9 percent increase in direct-to-consumer to $1.7 billion and a 7.6 percent rise in wholesale to $1.6 billion.
Revenues for the Hey Dude brand for fiscal 2024 dropped 13.2 percent to $824 million, reflecting a 3.9 percent decrease in direct-to-consumer to $368 million and a 19.5 percent drop in wholesale to $456 million.
“Our fourth quarter performance exceeded expectations across all metrics led by Crocs brand growth of 4 percent, as the North American business outperformed our plan and China growth accelerated from the third quarter,” Andrew Rees, chief executive officer of Crocs Inc, said in a statement. “Hey Dude revenue was flat to last year, higher than anticipated as direct-to-consumer sales inflected to growth.”
Looking ahead, the company is expecting revenues in the first quarter of 2025 to be down approximately 3.5 percent compared to the same time last year. Adjusted diluted earnings per share in Q1 2025 are expected to be between $2.38 and $2.52.
As for the full fiscal year 2025, Crocs Inc. is expecting revenues to grow approximately between 2 percent and 2.5 percent compared to full year 2024. Adjusted diluted earnings per share in fiscal 2025 are expected to be between $12.70 and $13.15.
“For 2025, we are expecting another year of revenue growth, led by mid-single digit growth in the Crocs brand,” Rees added. “We are pleased by the early signs of progress we made for Hey Dude during the fourth quarter and are taking a prudent approach to how we shape 2025 guidance for Hey Dude as we focus on reigniting the brand.”
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