Crocs (NASDAQ:CROX) reported second quarter earnings before open Thursday, topping consensus expectations.
Despite the beat, CROX shares are down more than 5% premarket at $113.62 per share at the time of writing.
The footwear company reported Q2 earnings of $3.59 per share, $0.63 better than the analyst estimate of $2.96. The company achieved record quarterly revenues for the quarter, which came in at $1.07 billion versus the consensus estimate of $1.04B.
The company's revenue performance was boosted by a 33.2% YoY increase in the Asia Pacific region. In North America, revenues increased by 12.2%, while in Europe, the Middle East, Africa, and Latin America, revenue decreased by 0.2%.
"Both the Crocs and HEYDUDE brands continue to gain share and bring in new consumers with our comfortable offerings, as evidenced by DTC growth of 26% in the second quarter," said Andrew Rees, Chief Executive Officer. "We continue to invest behind our strategic priorities that are driving profitable growth."
In Q3, the company expects revenue to be between $1.01B and $1.03B, with adjusted earnings per share from $3.07 to $3.15. For the full year 2023, they see revenues between $4B and $4.07B and adjusted EPS between $11.83 and $12.22.