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Crocs, Inc. Reports Record Third Quarter Results

October 27, 2020
Third Quarter Revenue of $362 million Grew 16%
Operating Income Rose 81% and Operating Margin Expanded to 19.9%
Record Third Quarter Diluted EPS of $0.91 Increased 78%

BROOMFIELD, Colo., Oct. 27, 2020 /PRNewswire/ -- Crocs, Inc. (NASDAQ: CROX), a world leader in innovative casual footwear for women, men, and children, today announced its third quarter 2020 financial results.

Andrew Rees, Chief Executive Officer, said, "We achieved record third quarter revenue and EPS despite the challenges presented by the global COVID-19 pandemic. Our extraordinary performance and strong cash flow generation demonstrates the strength of the Crocs brand and product offering globally. I am tremendously proud of how we have executed as a team and am excited for our future."

Third Quarter 2020 Highlights

  • Record third quarter revenues at $361.7 million after record third quarter revenues were achieved in 2019. Revenues increased 15.7%, or 15.9% on a constant currency basis, with growth in all three channels.
  • Digital sales grew 35.5% to represent 37.7% of revenue versus 32.2% last year with growth in all regions.
  • Retail comparable store sales grew 16.2%.
  • Operating income increased 80.7% to $72.1 million and operating margins expanded 710 basis points to 19.9%.
  • Diluted earnings per share grew 78.4% to a quarterly record of $0.91.

Amounts referred to as "Adjusted" are Non-GAAP measures and include adjustments that are described under the heading "Reconciliation of GAAP Measures to Non-GAAP Measures." A reconciliation of these amounts to their GAAP counterparts are contained in the schedules below.

Third Quarter 2020 Operating Results

  • Revenues were $361.7 million, an increase of 15.7% from the same period last year, or 15.9% on a constant currency basis. E-commerce revenues grew 36.3%, wholesale revenues grew 12.4%, and retail revenues increased 8.9%.
  • Gross margin of 57.2% increased 480 basis points compared to 52.4% in the same period last year. Adjusted gross margin of 57.4% rose 380 basis points from the same period last year.
  • SG&A expenses of $134.7 million increased from $123.9 million in the same period last year and SG&A as a percent of revenue improved by 240 basis points to 37.2%. Adjusted SG&A improved to 36.6% of revenues versus 39.4% for the same period last year.
  • Income from operations increased 80.7% to $72.1 million from $39.9 million for the same period last year. Operating margin rose 710 basis points to 19.9%. Adjusted income from operations rose 69.7% to $75.4 million and adjusted operating margin was 20.8% compared to 14.2% for the same period last year.
  • Diluted earnings per share increased 78.4% to a quarterly record of $0.91, as compared to $0.51 for the same period last year. Adjusted diluted earnings per share were $0.94, or 64.9% above the $0.57 for the same period last year.

Third Quarter 2020 Geographic Summary

  • Americas: Revenues of $234.0 million increased 27.3% on a constant currency basis.
  • Asia Pacific: Revenues of $67.7 million decreased 9.0% on a constant currency basis.
  • EMEA: Revenues of $60.0 million increased 10.7% on a constant currency basis.

Third Quarter 2020 Channel Summary

  • Wholesale: Revenues increased 12.4% to $164.5 million compared to $146.4 million for the same period last year.
  • Retail: Revenues increased 8.9% to $117.2 million compared to $107.6 million for the same period last year.
  • E-Commerce: Revenues increased 36.3% to $80.0 million compared to $58.7 million for the same period last year.
  • Digital sales, which includes sales through our company-owned websites, third party marketplaces, and e-tailers, grew 35.5% to 37.7% of total revenues versus 32.2% for the same period last year.
  • Direct-to-consumer comparable sales, which includes retail and e-commerce, grew 23.8% versus 15.9% for the same period last year.

Balance Sheet and Cash Flow

  • Cash and cash equivalents were $123.6 million as of September 30, 2020, compared to $108.3 million as of December 31, 2019.
  • Inventories increased to $174.1 million as of September 30, 2020, compared to $172.0 million as of December 31, 2019 and $139.8 million as of September 30, 2019 as in-transit inventories were up approximately $20 million from the same period last year.
  • Capital expenditures during the nine months ended September 30, 2020 were $33.2 million, relatively flat to the same period last year.
  • Borrowings at September 30, 2020 were $135.0 million after repaying $140.0 million in debt during the third quarter. Our liquidity position remains strong with $364.4 million in available borrowing capacity.

Stock Repurchase Activity

We have a track record of investing to fuel growth and returning capital to shareholders. During the third quarter of 2020, we did not repurchase any shares. Earlier in the year we temporarily suspended the share repurchase program to maximize liquidity and flexibility during the COVID-19 pandemic. As of September 30, 2020, we repurchased $39.2 million of shares this year and approximately $469 million in capacity remains under the share repurchase authorization.

Financial Outlook

In these unprecedented times, we will continue to provide forward visibility when appropriate. Excluding the potential impact of any future COVID-related shutdowns in major markets, we expect:

  • Revenues: Fourth quarter revenue to grow between 20% and 30% compared to 2019. This translates into full year 2020 revenue growth of approximately 5% to 7%.
  • Tax rate: A 2020 tax rate of approximately 11% as we project to utilize deferred tax assets that were previously subject to a valuation allowance.
  • Capital expenditures: Approximately $50 million of capital expenditures for 2020, which reflects investment to support future growth.

Conference Call Information

A conference call to discuss third quarter 2020 results is scheduled for today, Tuesday, October 27, 2020, at 8:30 am ET. To receive conference call details, please register at the Investor Relations section of the Crocs website, investors.crocs.com. The webcast will also be available live and on replay through October 27, 2021 at this site.

About Crocs, Inc.

Crocs, Inc. (Nasdaq: CROX) is a world leader in innovative casual footwear for women, men, and children, combining comfort and style with a value that consumers know and love. The vast majority of shoes within Crocs' collection contains Croslite™ material, a proprietary, molded footwear technology, delivering extraordinary comfort with each step.

In 2020, Crocs declares that expressing yourself and being comfortable are not mutually exclusive. To learn more about Crocs or our global Come As You Are™ campaign, please visit www.crocs.com or follow @Crocs on Facebook, Instagram, and Twitter.

Forward Looking Statements

This press release includes estimates, projections, and statements relating to our business plans, objectives, and expected operating results that are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934. These statements include, but are not limited to, statements regarding potential impacts to our business related to the COVID-19 pandemic, our financial condition, brand and liquidity outlook, and expectations regarding our 2020 revenue, tax rate, capital expenditures, and cash flow. These statements involve known and unknown risks, uncertainties, and other factors, which may cause our actual results, performance, or achievements to be materially different from any future results, performances, or achievements expressed or implied by the forward-looking statements. These risks and uncertainties include, but are not limited to, the following: the COVID-19 pandemic and related government, private sector, and individual consumer responsive actions; current global financial conditions, including economic impacts resulting from the COVID-19 pandemic; the effect of competition in our industry; our ability to effectively manage our future growth or declines in revenues; changing consumer preferences; our ability to maintain and expand revenues and gross margin; our ability to accurately forecast consumer demand for our products; our ability to successfully implement our strategic plans; our ability to develop and sell new products; our ability to obtain and protect intellectual property rights; the effect of potential adverse currency exchange rate fluctuations and other international operating risks; and other factors described in our most recent Annual Report on Form 10-K under the heading "Risk Factors" and our subsequent filings with the Securities and Exchange Commission. Readers are encouraged to review that section and all other disclosures appearing in our filings with the Securities and Exchange Commission.

All information in this document speak only as of the date of this press release. We do not undertake any obligation to update publicly any forward-looking statements.

Category:Investors

 

CROCS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

(in thousands, except per share data)



Three Months Ended September 30,


Nine Months Ended September 30,


2020


2019


2020


2019

Revenues

$

361,736



$

312,766



$

974,445



$

967,614


Cost of sales

154,967



148,942



453,581



476,796


Gross profit

206,769



163,824



520,864



490,818


Selling, general and administrative expenses

134,683



123,940



371,371



370,525


Income from operations

72,086



39,884



149,493



120,293


Foreign currency gains (losses), net

(516)



585



(1,434)



(893)


Interest income

43



167



189



493


Interest expense

(1,502)



(2,505)



(5,593)



(6,743)


Other income (expense), net

(27)



(34)



901



(48)


Income before income taxes

70,084



38,097



143,556



113,102


Income tax expense

8,195



2,421



14,025



13,518


Net income

$

61,889



$

35,676



$

129,531



$

99,584


Net income per common share:








Basic

$

0.92



$

0.52



$

1.92



$

1.40


Diluted

$

0.91



$

0.51



$

1.89



$

1.38


Weighted average common shares outstanding:








Basic

67,473



69,097



67,606



71,003


Diluted

68,385



70,176



68,608



72,342


 

 

CROCS, INC. AND SUBSIDIARIES

EARNINGS PER SHARE

(UNAUDITED)

(in thousands, except per share data)



Three Months Ended September 30,


Nine Months Ended September 30,


2020


2019


2020


2019

Numerator:








Net income

$

61,889



$

35,676



$

129,531



$

99,584


Denominator:








Weighted average common shares outstanding - basic

67,473



69,097



67,606



71,003


Plus: Dilutive effect of stock options and unvested restricted stock units

912



1,079



1,002



1,339


Weighted average common shares outstanding - diluted

68,385



70,176



68,608



72,342










Net income per common share:








Basic

$

0.92



$

0.52



$

1.92



$

1.40


Diluted

$

0.91



$

0.51



$

1.89



$

1.38


 

 

CROCS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

(in thousands, except share and par value amounts)



September 30,
2020


December 31,
2019

ASSETS




Current assets:




Cash and cash equivalents

$

123,562



$

108,253


Accounts receivable, net of allowances of $21,206 and $18,797, respectively

139,474



108,199


Inventories

174,119



172,028


Income taxes receivable

8,426



1,341


Other receivables

9,593



8,711


Restricted cash - current

1,565



1,500


Prepaid expenses and other assets

15,570



25,350


Total current assets

472,309



425,382


Property and equipment, net of accumulated depreciation and amortization of $86,252 and
$79,604, respectively

56,321



47,405


Intangible assets, net of accumulated amortization of $94,627 and $82,760, respectively

40,147



47,095


Goodwill

1,649



1,578


Deferred tax assets, net

23,273



24,747


Restricted cash

1,810



2,292


Right-of-use assets

197,402



182,228


Other assets

9,134



8,075


Total assets

$

802,045



$

738,802






LIABILITIES AND STOCKHOLDERS' EQUITY




Current liabilities:




Accounts payable

$

119,108



$

95,754


Accrued expenses and other liabilities

100,294



108,677


Income taxes payable

9,467



4,207


Current operating lease liabilities

49,741



48,585


Total current liabilities

278,610



257,223


Long-term income taxes payable

5,098



4,522


Long-term borrowings

135,000



205,000


Long-term operating lease liabilities

155,349



140,148


Other liabilities

1



4


Total liabilities

574,058



606,897


Commitments and contingencies




Stockholders' equity:




Preferred stock, par value $0.001 per share, 5.0 million shares authorized including
1.0 million authorized as Series A Convertible Preferred Stock, none outstanding




Common stock, par value $0.001 per share, 250.0 million shares authorized, 105.0 million
and 104.0 million issued, 67.5 million and 68.2 million outstanding, respectively

105



104


Treasury stock, at cost, 37.5 million and 35.8 million shares, respectively

(587,983)



(546,208)


Additional paid-in capital

508,055



495,903


Retained earnings

370,016



240,485


Accumulated other comprehensive loss

(62,206)



(58,379)


Total stockholders' equity

227,987



131,905


Total liabilities and stockholders' equity

$

802,045



$

738,802


 

 

CROCS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

(in thousands)



Nine Months Ended September 30,


2020


2019

Cash flows from operating activities:




Net income

$

129,531



$

99,584


Adjustments to reconcile net income to net cash provided by operating activities:




Depreciation and amortization

20,251



17,508


Operating lease cost

45,818



44,776


Inventory donations

8,873



23


Provision for doubtful accounts, net

5,720



2,132


Share-based compensation

10,809



11,020


Other non-cash items

3,632



(2,843)


Changes in operating assets and liabilities:




Accounts receivable

(38,937)



(30,619)


Inventories

(14,873)



(17,178)


Prepaid expenses and other assets

7,706



(3,501)


Accounts payable, accrued expenses and other liabilities

25,243



1,955


Operating lease liabilities

(45,133)



(49,668)


Cash provided by operating activities

158,640



73,189


Cash flows from investing activities:




Purchases of property, equipment, and software

(33,193)



(32,852)


Proceeds from disposal of property and equipment

434



302


Other

(168)




Cash used in investing activities

(32,927)



(32,550)


Cash flows from financing activities:




Proceeds from bank borrowings

150,000



310,000


Repayments of bank borrowings

(220,000)



(245,000)


Dividends—Series A convertible preferred stock (1)



(2,985)


Repurchases of common stock

(39,159)



(133,475)


Other

(1,792)



(3,275)


Cash used in financing activities

(110,951)



(74,735)


Effect of exchange rate changes on cash, cash equivalents, and restricted cash

130



(2,299)


Net change in cash, cash equivalents, and restricted cash

14,892



(36,395)


Cash, cash equivalents, and restricted cash—beginning of period

112,045



127,530


Cash, cash equivalents, and restricted cash—end of period

$

126,937



$

91,135



(1)  For the nine months ended September 30, 2019, represents $3.0 million paid to induce conversion of Series A Convertible Preferred Stock 
      to common stock.

 

CROCS, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP MEASURES TO NON-GAAP MEASURES

In addition to financial measures presented on the basis of accounting principles generally accepted in the United States of America ("GAAP"), we present "Non-GAAP cost of sales," "Non-GAAP gross profit," "Non-GAAP gross margin," "Non-GAAP selling, general, and administrative expenses," "Non-GAAP net income," "Non-GAAP income from operations",  "Non-GAAP operating margin," "Non-GAAP weighted average common shares outstanding - basic and diluted," and "Non-GAAP basic and diluted net income per common share," which are non-GAAP financial measures. Non-GAAP results exclude the impact of items that management believes affect the comparability or underlying business trends in our condensed consolidated financial statements in the periods presented.

We also present certain information related to our current period results of operations through "constant currency," which is a non-GAAP financial measure and should be viewed as a supplement to our results of operations and presentation of reportable segments under GAAP. Constant currency represents current period results that have been retranslated using exchange rates used in the prior year comparative period to enhance the visibility of the underlying business trends excluding the impact of foreign currency exchange rate fluctuations.

Management uses non-GAAP results to assist in comparing business trends from period to period on a consistent basis in communications with the board of directors, stockholders, analysts, and investors concerning our financial performance. We believe that these non-GAAP measures are useful to investors and other users of our condensed consolidated financial statements as an additional tool for evaluating operating performance and trends. For the three and nine months ended September 30, 2020, management believes it is helpful to evaluate our results excluding the impacts of various adjustments relating to special or non-recurring items. Investors should not consider these non-GAAP measures in isolation from, or as a substitute for, financial information prepared in accordance with GAAP.

 

CROCS, INC. AND SUBSIDIARIES

RECONCILIATION OF GAAP MEASURES TO NON-GAAP MEASURES

(UNAUDITED)


Non-GAAP cost of sales, gross profit, and gross margin reconciliation:



Three Months Ended September 30,


Nine Months Ended September 30,


2020


2019


2020


2019


(in thousands)

GAAP revenues

$

361,736



$

312,766



$

974,445



$

967,614










GAAP cost of sales

$

154,967



$

148,942



$

453,581


$

476,796


New distribution centers (1)

(897)



(3,678)



(2,636)


(7,981)


COVID-19 inventory write-off (2)





(2,396)



Other

(119)



(42)



(119)


(175)


Total adjustments

(1,016)



(3,720)



(5,151)


(8,156)


Non-GAAP cost of sales

$

153,951



$

145,222



$

448,430


$

468,640










GAAP gross profit

$

206,769



$

163,824



$

520,864


$

490,818


GAAP gross margin

57.2

%


52.4

%


53.5%


50.7

%









Non-GAAP gross profit

$

207,785



$

167,544



$

526,015


$

498,974


Non-GAAP gross margin

57.4

%


53.6

%


54.0%


51.6

%


(1)  Represents expenses, including expansion costs, related to our distribution centers in Dayton, Ohio and Dordrecht, the Netherlands.

(2)  Represents an inventory write-off in our Asia Pacific segment associated with the impact of COVID-19.

 

 

Non-GAAP selling, general and administrative expenses reconciliation:



Three Months Ended September 30,


Nine Months Ended September 30,


2020


2019


2020


2019


(in thousands)

GAAP revenues

$

361,736



$

312,766



$

974,445



$

967,614










GAAP selling, general and administrative expenses

$

134,683



$

123,940



$

371,371



$

370,525


Donations of inventory

(50)





(9,970)




COVID-19 severance costs





(2,403)




COVID-19 impact of bad debt expense (1)

48





(4,433)




Other COVID-19 costs (2)

(183)





(827)




Duplicate headquarters rent (3)

(426)





(1,120)




Non-recurring expenses associated with cost reduction initiatives in 2019



(809)





(1,698)


Other (4)

(1,652)





(2,133)




Total adjustments

(2,263)



(809)



(20,886)



(1,698)


Non-GAAP selling, general and administrative expenses (5)

$

132,420



$

123,131



$

350,485



$

368,827










GAAP selling, general and administrative expenses as a percent of revenues

37.2

%


39.6

%


38.1

%


38.3

%

Non-GAAP selling, general and administrative expenses as a percent of revenues

36.6

%


39.4

%


36.0

%


38.1

%


(1)  Represents bad debt expense associated with the impact of COVID-19 on wholesale partners in our Asia Pacific and Americas segments.

(2)  Represents costs incurred in response to the COVID-19, including hazard pay, cleaning costs, and legal costs.

(3)  Represents ongoing duplicate rent costs associated with our move to our new headquarters in Broomfield, Colorado, while we conclude the lease for our former headquarters in Niwot, Colorado.

(4)  Represents non-recoverable duties, non-recurring costs related to the closure of company-owned retail stores in Australia, employee severance costs, and various other immaterial items.

(5)  Non-GAAP selling, general and administrative expenses are presented gross of tax.

 

 

Non-GAAP income from operations and operating margin reconciliation:



Three Months Ended September 30,


Nine Months Ended September 30,


2020


2019


2020


2019


(in thousands)

GAAP revenues

$

361,736



$

312,766



$

974,445



$

967,614










GAAP income from operations

$

72,086



$

39,884



$

149,493



$

120,293


Non-GAAP cost of sales adjustments (1)

1,016



3,720



5,151



8,156


Non-GAAP selling, general and administrative expenses adjustments (2)

2,263



809



20,886



1,698


Non-GAAP income from operations

$

75,365



$

44,413



$

175,530



$

130,147










GAAP operating margin

19.9

%


12.8

%


15.3

%


12.4

%

Non-GAAP operating margin

20.8

%


14.2

%


18.0

%


13.5

%


(1)  See 'Non-GAAP cost of sales, gross profit, and gross margin reconciliation' above for more details.

(2)  See 'Non-GAAP selling, general and administrative expenses reconciliation' above for more details.

 

 

Non-GAAP earnings per share reconciliation:



Three Months Ended September 30,


Nine Months Ended September 30,


2020


2019


2020


2019


(in thousands, except per share data)

Numerator:








GAAP net income

$

61,889



$

35,676



$

129,531



$

99,584


Non-GAAP cost of sales adjustments (1)

1,016



3,720



5,151



8,156


Non-GAAP selling, general and administrative expenses adjustments (2)

2,263



809



20,886



1,698


Non-GAAP other income adjustment (3)





(919)




Tax effect of non-GAAP adjustments (4)

(649)





(6,109)




Non-GAAP net income

$

64,519



$

40,205



$

148,540



$

109,438


Denominator:








GAAP weighted average common shares outstanding - basic

67,473



69,097



67,606



71,003


Plus: GAAP dilutive effect of stock options and unvested restricted stock units

912



1,079



1,002



1,339


GAAP weighted average common shares outstanding - diluted

68,385



70,176



68,608



72,342










GAAP net income per common share:








Basic

$

0.92



$

0.52



$

1.92



$

1.40


Diluted

$

0.91



$

0.51



$

1.89



$

1.38










Non-GAAP net income per common share:








Basic

$

0.96



$

0.58



$

2.20



$

1.54


Diluted

$

0.94



$

0.57



$

2.17



$

1.51



(1)  See 'Non-GAAP cost of sales, gross profit, and gross margin reconciliation' above for more information.

(2)  See 'Non-GAAP selling, general and administrative expenses reconciliation' above for more information.

(3) Represents a fair value adjustment associated with our donations of inventory.

(4) In the three months and nine months ended September 30, 2019, non-GAAP adjustments were in jurisdictions subject to a full valuation allowance, and thus had no material net tax impact.

 

 

CROCS, INC. AND SUBSIDIARIES

REVENUES BY SEGMENT

(UNAUDITED)



Three Months Ended
September 30,


Nine Months Ended
September 30,


% Change


Constant Currency %
Change (1)


2020


2019


2020


2019


Q3 2020-2019


YTD 2020-2019


Q3 2020-2019


YTD 2020-2019


(in thousands)

Americas:
















Wholesale

$

98,025



$

75,660



$

256,258



$

216,846



29.6

%


18.2

%


31.8

%


19.8

%

Retail

89,748



78,141



158,587



182,116



14.9

%


(12.9)

%


14.9

%


(12.9)

%

E-commerce

46,274



31,391



138,510



85,796



47.4

%


61.4

%


47.5

%


61.6

%

Total Americas

234,047



185,192



553,355



484,758



26.4

%


14.2

%


27.3

%


15.0

%

Asia Pacific:
















Wholesale

28,842



36,655



109,705



169,468



(21.3)

%


(35.3)

%


(21.1)

%


(33.9)

%

Retail

19,652



20,133



51,643



60,901



(2.4)

%


(15.2)

%


(2.7)

%


(13.3)

%

E-commerce

19,210



17,463



65,388



53,353



10.0

%


22.6

%


9.2

%


24.4

%

Total Asia Pacific

67,704



74,251



226,736



283,722



(8.8)

%


(20.1)

%


(9.0)

%


(18.5)

%

EMEA
















Wholesale

37,630



34,058



136,507



144,685



10.5

%


(5.7)

%


8.3

%


(3.9)

%

Retail

7,789



9,347



15,970



25,453



(16.7)

%


(37.3)

%


(15.1)

%


(35.9)

%

E-commerce

14,552



9,869



41,771



28,821



47.5

%


44.9

%


43.3

%


46.4

%

Total EMEA

59,971



53,274



194,248



198,959



12.6

%


(2.4)

%


10.7

%


(0.7)

%

  Total segment revenues

361,722



312,717



974,339



967,439



15.7

%


0.7

%


15.9

%


1.9

%

Other businesses

14



49



106



175



(71.4)

%


(39.4)

%


(71.4)

%


(39.4)

%

Total consolidated revenues

$

361,736



$

312,766



$

974,445



$

967,614



15.7

%


0.7

%


15.9

%


1.9

%

















Total wholesale

$

164,511



$

146,422



$

502,576



$

531,174



12.4

%


(5.4)

%


13.1

%


(3.8)

%

Total retail

117,189



107,621



226,200



268,470



8.9

%


(15.7)

%


9.0

%


(15.1)

%

Total e-commerce

80,036



58,723



245,669



167,970



36.3

%


46.3

%


35.4

%


47.3

%

Total consolidated revenues

$

361,736



$

312,766



$

974,445



$

967,614



15.7

%


0.7

%


15.9

%


1.9

%


(1) Reflects year over year change as if the current period results were in constant currency, which is a non-GAAP financial measure. See 'Reconciliation of 
     GAAP Measures to Non-GAAP Measures' above for more information.

 

 

CROCS, INC. AND SUBSIDIARIES

RETAIL STORE COUNTS

(UNAUDITED)  




June 30,
2020


Opened


Closed


September 30,
2020

Type:









Outlet stores


191



5


186

Retail stores


104



4


100

Kiosk/store in store


65




65

Total


360



9


351

Operating segment:









Americas


165




165

Asia Pacific


142



6


136

EMEA


53



3


50

Total


360



9


351



December 31,
2019


Opened


Closed/Transferred


September 30,
2020

Type:









Outlet stores


193


5


12


186

Retail stores


109


3


12


100

Kiosk/store-in-store


65


1


1


65

Total


367


9


25


351

Operating segment:








Americas


165


2


2


165

Asia Pacific


145


5


14


136

EMEA


57


2


9


50

Total


367


9


25


351

 

 

CROCS, INC. AND SUBSIDIARIES

DIGITAL SALES PERCENTAGE, COMPARABLE RETAIL STORE SALES, AND DIRECT-TO-CONSUMER
COMPARABLE SALES

(UNAUDITED)  


Digital sales, which includes sales through our company-owned website, third party marketplaces, and e-tailers, as a percent of total revenues, by operating segment were:



Three Months Ended September 30,


Nine Months Ended
September 30,


2020


2019


2020


2019

Digital sales as a percent of total revenues:








  Americas

30.8

%


26.9

%


38.9

%


28.0

%

  Asia Pacific

42.3

%


32.9

%


39.0

%


27.6

%

  EMEA

59.8

%


49.6

%


53.5

%


39.6

%

  Global

37.7

%


32.2

%


41.8

%


30.3

%



Comparable retail store sales and direct-to-consumer store sales by operating segment are shown below.



Constant Currency (1)


Three Months Ended September 30,


Nine Months Ended
September 30,


2020


2019


2020


2019

Comparable retail store sales: (2)








  Americas

22.3

%


19.1

%


21.8

%


17.1

%

  Asia Pacific

2.8

%


(4.2)

%


(0.8)

%


(1.2)

%

  EMEA

(4.7)

%


2.4

%


(5.6)

%


6.3

%

  Global

16.2

%


12.5

%


13.0

%


11.4

%




Constant Currency (1)


Three Months Ended September 30,


Nine Months Ended
September 30,


2020


2019


2020


2019

Direct-to-consumer comparable sales (includes retail
and e-commerce): (2)








  Americas

30.7

%


18.5

%


40.1

%


18.6

%

  Asia Pacific

5.2

%


11.7

%


10.9

%


5.6

%

  EMEA

22.9

%


9.5

%


28.7

%


13.8

%

  Global

23.8

%


15.9

%


29.8

%


14.4

%


(1)  Reflects period over period change as if the current period results were in constant currency, which is a non-GAAP financial measure. See 'Reconciliation of GAAP 
      Measures to Non-GAAP Measures' above for more information.

(2)  Comparable store status is determined on a monthly basis. Comparable store sales include the revenues of stores that have been in operation for more than twelve 
      months. Stores in which selling square footage has changed more than 15% as a result of a remodel, expansion, or reduction are excluded until the thirteenth month 
      in which they have comparable prior year sales. Temporarily closed stores are excluded from the comparable store sales calculation during the month of closure. 
      Location closures in excess of three months are excluded until the thirteenth month post re-opening. E-commerce revenues are based on same site sales period 
      over period.

 


Investor Contact:

Cori Lin, Crocs, Inc.



(303) 848-5053



clin@crocs.com





PR Contact:

Melissa Layton, Crocs, Inc.



(303) 848-7885



mlayton@crocs.com

 

 

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SOURCE Crocs, Inc.

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