Crocs Stock Surges Despite HEYDUDE's Bumpy Ride - Details Here
Portfolio Pulse from Nabaparna Bhattacharya
Crocs, Inc. (NASDAQ:CROX) reported first-quarter results with adjusted earnings per share of $3.02, surpassing the analyst consensus of $2.23, and quarterly revenues of $939 million, exceeding expectations of $881.712 million. The company saw a 6% revenue increase over last year, with Crocs Brand revenues up 14.6% to $744 million and HEYDUDE brand revenues down 17.2% to $195 million. Crocs is reducing revenue expectations for HEYDUDE for the year but raised its FY24 adjusted earnings per share outlook to $12.25 to $12.73. Shares surged 9.77% to $138.00.
May 07, 2024 | 1:35 pm
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Crocs, Inc. reported strong Q1 earnings and revenue, surpassing analyst expectations, with significant growth in Crocs Brand revenues but a decline in HEYDUDE brand revenues. The company has adjusted its revenue expectations for HEYDUDE downwards but raised its FY24 earnings outlook.
The positive earnings report and revenue growth, especially in the Crocs Brand, alongside the upward adjustment of the FY24 earnings outlook, are likely to instill investor confidence and support a short-term positive impact on CROX stock price. The reduction in revenue expectations for HEYDUDE is a concern but seems to be overshadowed by the overall strong performance and optimistic outlook.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100