Crocs Raises FY24 Adj. EPS Guidance, Cuts HEYDUDE Brand Revenue Expectations; Names Susan Healy CFO

(RTTNews) - Crocs, Inc. (CROX) said the company now expects fiscal 2024 adjusted earnings per share in a range of $12.25 to $12.73. Previously, the company projected adjusted earnings per share in a range of $12.05 to $12.50. Analysts polled by Thomson Reuters expect the company to report profit per share of $12.43. Analysts' estimates typically exclude special items. The company projects revenue growth of 3% to 5% compared to 2023, at currency rates. Revenues for the HEYDUDE Brand are now projected to contract 10% to 8%. Previously, the company anticipated HEYDUDE Brand revenues flat to slightly up.

"As we continue to prioritize brand health in the North American market for HEYDUDE, and considering what we are seeing quarter-to-date, we are reducing our revenue expectations for the brand for the balance of the year," said Andrew Rees, CEO.

For the second quarter, the company expects adjusted earnings per share of $3.40 to $3.55. Analysts expect the company to report profit per share of $3.47. Revenues are projected to be up 1% to 3% compared to second quarter 2023, at currency rates. HEYDUDE Brand revenues are projected to contract 19% to 17%.

First quarter bottom line came in at $152.45 million, or $2.50 per share compared with $149.54 million, or $2.39 per share, in last year's first quarter. Adjusted earnings per share was $3.02, up 15.7% from $2.61. Analysts on average had expected the company to earn $2.23 per share, according to figures compiled by Thomson Reuters.

The company's revenue for the quarter rose 6.2% to $938.63 million from $884.17 million last year. Crocs Brand revenues increased 14.6% to $744 million. HEYDUDE Brand revenues decreased 17.2% to $195 million.

Separately, Crocs announced the appointment of Susan Healy as Executive Vice President and Chief Financial Officer, effective June 3. Healy succeeds Anne Mehlman, who was recently appointed President of the Crocs Brand. Mehlman will continue to serve as Chief Financial Officer until Healy's start date.

Shares of Crocs are down 3% at $121.90 in pre-market trade on Tuesday.

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