Summary by Moomoo AI
Crocs Inc. reported Q3 2024 revenues of $1.06 billion, up 1.6% YoY, driven by 7.4% growth in the Crocs Brand to $858.1 million, partially offset by a 17.4% decline in HEYDUDE Brand to $204.1 million. Gross margin expanded 400 basis points to 59.6%, benefiting from lower distribution, product and freight costs. Net income increased 12.9% to $199.8 million, with diluted EPS of $3.36.The company's direct-to-consumer comparable sales showed mixed results, with Crocs Brand up 4.8% while HEYDUDE Brand declined 22.2%. Operating income slightly decreased to $269.8 million from $273.9 million last year, as selling, general and administrative expenses rose 18.1% to $363.5 million due to increased investments in talent and marketing.The company maintained strong liquidity with $186.1 million in cash and $574.2 million in available borrowing capacity. During Q3, Crocs repurchased 1.1 million shares for $151.2 million and reduced total borrowings to $1.42 billion. The company continues to focus on strategic initiatives including global marketing, China expansion, and digital business growth while maintaining tight inventory control.
