CNBC Television published this video item, entitled “Crocs CEO Andrew Rees on the company’s strong third quarter” – below is their description.
Crocs CEO Andrew Rees joins The Exchange with his take on inflation and supply chain issues. The company was able to quickly adapt to shortages when its Vietnamese factories shut down, but “as of today, the majority of our factories are open,” Rees tells Kelly Evans. For access to live and exclusive video from CNBC subscribe to CNBC PRO: https://cnb.cx/2NGeIvi
Shares of Crocs soared Thursday after the retailer reported fiscal third-quarter earnings and revenue that exceeded analysts’ expectations, as demand for its shoes remained strong.
Crocs also raised its outlook for the full year, saying it has worked to minimize any impact from the global supply chain disruption. Despite manufacturing facilities in Vietnam being temporarily shut down in recent months, the retailer said it’s shifted production and leveraged air freight to transport goods.
Its stock was recently up about 8%, having rallied more than 145% year to date. Shares had closed Wednesday down nearly 5%.
Here’s how Crocs did in the three-month period ended Sept. 30 compared with what analysts were anticipating, using a survey of analysts by Refinitiv:
Earnings per share: $2.47 adjusted vs. $1.88 expected
Revenue: $626 million vs. $610 million expected
Third-quarter net income jumped to $153.5 million, or $2.42 per share, from $61.9 million, or 91 cents per share, a year earlier. Excluding one-time items, the company earned $2.47 per share, well ahead of the $1.88 that analysts had predicted.
Revenue soared 73% to $626 million from $362 million a year earlier. That topped expectations for $610 million.
Crocs said its direct-to-consumer sales were up 60.4% in the quarter, while wholesale revenue rose 88.2%. Digital sales climbed 68.9%, accounting for 36.8% of total sales, compared with 37.7% a year earlier.
For the full year, Crocs now sees revenue growing between 62% and 65% from 2020 levels, compared with a prior range of 60% to 65%.
In fiscal 2022, it said sales should be up more than 20% year over year.
“Globally, our teams are managing through the supply chain disruptions to mitigate the impact on our business,” CEO Andrew Rees said in prepared remarks. “Despite the temporary disruptions, we expect 2022 revenues to grow … fueled by the strength of our brand and consumer demand globally.”
Find the full earnings press release from Crocs here.
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