Latest news with #AndrewRees
Yahoo
23-05-2025
- Business
- Yahoo
Terence Reilly Takes On New Role As Chief Brand Officer For Crocs Inc.
Crocs' Terence Reilly is going to be busy creating brand heat for both the Crocs and Hey Dude brands. Reilly, who rejoined Crocs in April 2024 as president for the Hey Dude brand, is now set to take over the newly created role of executive vice president and chief brand officer for both brands, effectively immediately. More from WWD Timberland Names Former Dr. Martens Exec Darren McKoy Global VP of Product Design and Creative Direction Crocs and G-Shock Make Waves With Glow-in-the-Dark Shoes That Come With a Detachable Watch Crocs Beats Q1 Forecasts, Withdraws Guidance on Tariff Uncertainty According to the company, the former Crocs chief marketing officer — he left in 2020 to become president of the Stanley brand — will have both marketing and communications oversight for the two brands. He will continue to report to Crocs Inc. chief executive officer Andrew Rees, and will collaborate with both Anne Mehlman, executive vice president and brand president for Crocs, and the Hey Dude brand leadership team to drive strategy and execution. Rees will serve as interim president for the Hey Dude brand until a permanent structure is announced, the company said. During Reilly's tenure as brand president, he built a brand leadership bench that included bringing in Rupert Campbell as chief commercial officer and Kerstyn Chang as chief product and merchandising officer. Both Campbell and Chang will continue to drive forward the Hey Dude vision and will report to Rees. 'The power of the Crocs and Hey Dude brands is unlike anything I've seen in my 25-plus years of connecting with consumers and culture to drive lasting business results. We have two of the largest casual footwear brands in the world, loved by communities of passionate fans,' Reilly said. 'While we have seen remarkable success over the last decade from Post Malone to Jelly Roll and so much in between, I believe we are just getting started.' The collaboration between American rapper and singer Post Malone and Crocs began in 2018, while the first collaborative shoe between singer and songwriter Jelly Roll and Hey Dude was launched in October 2024. Crocs acquired the Hey Dude brand in 2022. 'Since Terence rejoined Crocs, Inc. in 2024, the Hey Dude brand has seen significant traction under his leadership. He has galvanized a team, sharpened the brand's strategic focus and re-established authentic connections with our consumers. I am confident that the green shoots we are seeing today are building the foundation for sustainable long-term brand growth,' Rees said. 'With Terence in this new role and in partnership with our proven leadership team, this shift will create an elevated focus on driving heat and energy for both our brands and spark disruptive innovation as we engage with our consumers and customers around the world.' Reilly's appointment as the firm's chief brand officer comes at a time when growth in athleisure footwear is viewed as a period of opportunity for Crocs. UBS softlines analyst Jay Sole said in April that the global footwear industry has a compound annual growth rate of 5 percent to 6 percent, skewed to sports footwear. Athleisure is expected to drive the category, possibly at an annual 8 percent pace. And with other growth factors such as casualization and the focus on healthy lifestyles, Sole said the trend has extended to casual and comfort shoe styles, which he sees as a benefit to the Crocs brand. The company on May 8 posted first quarter earnings results that bested Wall Street's expectations. Net income was $160.1 million for the quarter ended March 31, on revenues of $937.3 million. Adjusted diluted earnings per share (EPS) were $3.00. Wall Street had expected adjusted diluted EPS of $2.49 on revenue of $907.9 million. While Crocs revenues were up 2.4 percent to $762 million, Hey Dude revenues were down 9.8 percent to $176 million. During the company conference call after it posted earnings results, Rees said the Crocs brand was making progress in new product introductions, such as sandals. At Hey Dude, he said the team continued to make progress on 'stabilizing the brand.' Best of WWD All the Retailers That Nike Left and Then Went Back Mikey Madison's Elegant Red Carpet Shoe Style [PHOTOS] Julia Fox's Sleekest and Boldest Shoe Looks Over the Years [Photos] Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Fashion Network
13-05-2025
- Business
- Fashion Network
Crocs posts strong Q1 2025 results, withdraws full-year outlook
Crocs Inc. announced on Thursday a revenue increase of 1.4% in its first quarter, on the back of an increase in sales at its flagship brand. The Broomfield, Colorado-based footwear firm said revenues for the first quarter ended March 31, reached $937 million. Direct-to-consumer revenues grew 2.3%, while wholesale revenues contracted 1.6%. By brand, Crocs revenues increased 2.4% to $762 million, with both DTC and wholesale revenues up 1.1% to $285 million and 3.2% to $477 million, respectively. Revenue was partially offset by Heydude brand sales, the casual footwear brand acquired by Crocs in 2022, where revenues decreased 9.8% to $176 million. DTC revenues increased 8.3% to $65 million, while wholesale revenues decreased 17.9% to $111 million. "We are incredibly proud of our better-than-expected first quarter performance despite what has been an increasingly volatile macroeconomic backdrop since the onset of the year. Both our Crocs and Heydude brands contributed to the outperformance with gross margins, operating margins, adjusted earnings per share, and cash flow coming in above plan," said Andrew Rees, chief executive officer, Crocs. The company withdrew its previous guidance issued in February, due to macroeconomic uncertainties stemming from global trade policies. No revised full-year outlook has been provided. "While we are pleased by the performance of our overall business in April, the new global trade environment as well as business and consumer uncertainty, has made it challenging to predict how consumers may respond in the future. Amid this heightened operating backdrop, we are withdrawing our guidance for 2025,' added Rees.
Fashion Network
13-05-2025
- Business
- Fashion Network
Crocs posts strong Q1 2025 results, withdraws full-year outlook
Crocs Inc. announced on Thursday a revenue increase of 1.4% in its first quarter, on the back of an increase in sales at its flagship brand. The Broomfield, Colorado-based footwear firm said revenues for the first quarter ended March 31, reached $937 million. Direct-to-consumer revenues grew 2.3%, while wholesale revenues contracted 1.6%. By brand, Crocs revenues increased 2.4% to $762 million, with both DTC and wholesale revenues up 1.1% to $285 million and 3.2% to $477 million, respectively. Revenue was partially offset by Heydude brand sales, the casual footwear brand acquired by Crocs in 2022, where revenues decreased 9.8% to $176 million. DTC revenues increased 8.3% to $65 million, while wholesale revenues decreased 17.9% to $111 million. "We are incredibly proud of our better-than-expected first quarter performance despite what has been an increasingly volatile macroeconomic backdrop since the onset of the year. Both our Crocs and Heydude brands contributed to the outperformance with gross margins, operating margins, adjusted earnings per share, and cash flow coming in above plan," said Andrew Rees, chief executive officer, Crocs. The company withdrew its previous guidance issued in February, due to macroeconomic uncertainties stemming from global trade policies. No revised full-year outlook has been provided. "While we are pleased by the performance of our overall business in April, the new global trade environment as well as business and consumer uncertainty, has made it challenging to predict how consumers may respond in the future. Amid this heightened operating backdrop, we are withdrawing our guidance for 2025,' added Rees.
Fashion Network
11-05-2025
- Business
- Fashion Network
Crocs posts strong Q1 2025 results, withdraws full-year outlook
Crocs Inc. announced on Thursday a revenue increase of 1.4% in its first quarter, on the back of an increase in sales at its flagship brand. The Broomfield, Colorado-based footwear firm said revenues for the first quarter ended March 31, reached $937 million. Direct-to-consumer revenues grew 2.3%, while wholesale revenues contracted 1.6%. By brand, Crocs revenues increased 2.4% to $762 million, with both DTC and wholesale revenues up 1.1% to $285 million and 3.2% to $477 million, respectively. Revenue was partially offset by Heydude brand sales, the casual footwear brand acquired by Crocs in 2022, where revenues decreased 9.8% to $176 million. DTC revenues increased 8.3% to $65 million, while wholesale revenues decreased 17.9% to $111 million. "We are incredibly proud of our better-than-expected first quarter performance despite what has been an increasingly volatile macroeconomic backdrop since the onset of the year. Both our Crocs and Heydude brands contributed to the outperformance with gross margins, operating margins, adjusted earnings per share, and cash flow coming in above plan," said Andrew Rees, chief executive officer, Crocs. The company withdrew its previous guidance issued in February, due to macroeconomic uncertainties stemming from global trade policies. No revised full-year outlook has been provided. "While we are pleased by the performance of our overall business in April, the new global trade environment as well as business and consumer uncertainty, has made it challenging to predict how consumers may respond in the future. Amid this heightened operating backdrop, we are withdrawing our guidance for 2025,' added Rees.
Yahoo
09-05-2025
- Business
- Yahoo
Crocs Beats Q1 Forecasts, Withdraws Guidance on Tariff Uncertainty
Crocs Inc. bested Wall Street's first quarter expectations, but its Hey Dude brand continues to struggle. 'Both our Crocs and Hey Dude brands contributed to the outperformance with gross margins, operating margins, adjusted earnings per share, and cash flow coming in above plan,' said CEO Andrew Rees in a statement. More from Footwear News Puma Sales Flat in Q1 as Operating Profit Tumbles Steve Madden Closes Kurt Geiger Deal - But Tariffs Remain a Headwind as Q1 Sales Miss Expectations He added that the company is 'pleased by the performance of our overall business in April,' but that the new global trade environment has created business and consumer uncertainty that makes it challenging to predict how shoppers will respond in the future. But he also emphasized that the company has a 'proven track record of coming out of periods of uncertainty stronger than when we entered them.' Rees also said the the casual footwear firm has the opportunity to gain market share as it focuses on what it 'can control and lean into our competitive advantages.' For the three months ended March 31, net income rose 5.0 percent to $2.83 a diluted share, from net income of $152.5 million, or $2.50 in the same year-ago quarter. On an adjusted basis, diluted earnings per share were $3.00. Revenues for the period slipped 0.1 percent to $937.3 million from $938.6 million. Direct-to-consumer (DTC) revenues grew 2.3 percent, while wholesale revenues decreased by 1.6 percent. Wall Street was expecting adjusted diluted earnings per share of $2.49, on revenue of $907.9 million. By brand, Crocs revenues were up 2.4 percent to $762 million, which included a 1.1 percent increase in DTC revenues to $285 million and a 3.2 percent rise in wholesale sales to $477 million. North American revenues slipped 3.8 percent to $369 million, while international revenues rose 8.9 percent to $393 million. At Hey Dude, revenues fell 9.8 percent to $176 million. DTC revenues rose 8.3 percent to $65 million, while wholesale revenues fell 17.9 percent to $111 million. The company said its gross margin was 57.8 percent versus 55.6 percent a year ago. Like many other companies, Crocs withdrew its prior financial guidance for 2025 due to macroeconomic uncertainties connected to global trade policies. Rees said the company completed $61 million in share repurchases in the quarter. Crocs continues to be a favorite among celebrities such as Priyanka Chopra, Post Malone and Lil Nas X, but a Piper Sandler survey noted that upper income teens appear to be favoring other brands, such as Ugg. The company in December signed a licensing deal with Concept One to build its accessories offerings as it tries to evolve into a lifestyle brand. UBS analyst said Crocs could benefit from the trend in sports footwear growth, which includes casual shoes. Crocs is also keeping tabs on what consumers want, and has introduced a sneaker-sandal hybrid for the trail via is new Exp line. Best of Footwear News A Complete Calendar of All the Footwear Trade Shows in 2025 A Timeline of Nike's 5 CEOs That Have Held the Role Since 1972 These Theories About How Black Friday Got Started Will Surprise You Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
