Benzinga | Jul 22, 2021 09:00AM EDT

Crocs Shares Boosted By Strong Q2 Results; Raises FY21 Outlook

* Crocs Inc (NASDAQ:CROX) reported second-quarter FY21 net revenue growth of 93.3% year-on-year to $640.8 million, beating the analyst consensus of $559.1 million.

* Revenue growth was driven by strength in the Americas, which raked in $405.7 million, up 135.6% Y/Y.

* Digital sales grew 25.4%, and Direct-to-consumer (DTC) sales increased 78.6% Y/Y.

* The gross margin rose 740 basis points to 61.7%, while the adjusted gross margin rose 660 basis points to 61.8%.

* Selling, general and administrative expenses increased 62.1% to $199.9 million.

* The operating margin was 30.5%, and the operating income more than tripled to $195.3 million.

* The company held $197.9 million in cash and equivalents as of June 30, 2021.

* Adjusted EPS of $2.23 beat the analyst consensus of $1.52.

* Outlook: Crocs sees Q3 revenue growth to be 60% to 70%, with a Non-GAAP operating margin of 24% to 26%.

* It sees 2021 revenue growth of 60% to 65%, versus prior view for growth of 40% to 50% from 2020 revenues of $1.386 billion.

* Price action: CROX shares are trading higher by 10% at $132.00 in premarket on the last check Thursday.