Crocs reports Q3 adjusted EPS $3.60, consensus $3.10

Reports Q3 revenue $1.06B, consensus $1.05B. “We reported Q3 results which exceeded our Enterprise guidance on sales and profitability,” said Andrew Rees, CEO. “Our overall performance including strong gross margin gains allowed us to accelerate our strategic investments in the quarter while continuing to deliver earnings per share growth through the deployment of our strong cash flow. Strength was led by our Crocs (CROX) Brand fueled by 17% international and 8% direct-to-consumer growth. We have sharpened our strategy around HEYDUDE as we work to create higher brand relevance through our product and marketing initiatives. While we are seeing early green shoots from these actions, HEYDUDE’s recent performance and the current operating environment are signaling it will take longer than we had initially planned for the brand to turn a corner. While we are resetting our full-year outlook for HEYDUDE, I remain confident in the long-term trajectory of the brand.”