Hey Dude Posts Stellar Q2 Results
The fast growing Hey Dude footwear brand, which was recently acquired by Crocs, posted strong Q2 results that exceeded expectations.
Hey Dude revenue grew 96% to $232 million, according to Crocs. Hey Dude adjusted gross margin reached 47.1% and adjusted operating margin was 32.6%.
“Hey Dude continues to outperform our expectations,” Crocs CEO Andrew Rees said.
For the full year, Hey Dude revenue is expected to reach $850 million to $890 million.
Crocs acquired Hey Dude in February of this year for $2.5 billion. Since then, Hey Dude has launched a new brand campaign and hired a new leadership team.
Crocs plans to grow the brand by increasing marketing, leveraging Crocs wholesale distribution and international infrastructure to increase distribution, invest in supply chain capabilities and test Hey Dude retail to increase brand awareness.