Earnings season is back in earnest, and several retailers in Digital Commerce 360’s Top 1000 list of leading ecommerce retailers in North America have already started reporting. Here’s the earnings summary you need to know from this week. Read more earnings coverage here.
Crocs Inc. (No. 104)
Crocs reported revenue grew 12% year over year to a record $1.1 billion in its fiscal second quarter ended June 30.
“Both the Crocs and Hey Dude brands continue to gain share and bring in new consumers with our comfortable offerings, as evidenced by DTC growth of 26% in the second quarter,” CEO Andrew Rees said in a written statement.
Crocs acquired Hey Dude Shoes in January 2022 for $2.5 billion. Hey Dude brand DTC sales grew 29.7% in the second quarter, and digital sales grew 36.7% in that time period. Total Hey Dude revenue was $239.4 million in the quarter, up 2.9%.
Crocs were a top seller in Amazon’s Prime Day sales event, according to data from Web traffic measurement firm Similarweb Ltd. However, the retailer is facing “quite a lot of pressure” from gray market sellers on Amazon, Rees said in an earnings call.
Keurig Dr Pepper Inc. (No. 110)
Keurig Dr. Pepper reported net sales grew 6.6% in the second quarter ended June 30 to $3.7 billion. Sales growth was led by Keurig’s Liquid Refreshment Beverage category, which includes carbonated soft drinks, seltzers, and energy drinks. Dr. Pepper and Squirt were among the most popular brands, the beverage company said. Meanwhile, sales of single serving K-Cup pods were down 2.3% in the quarter.
Keurig did not share specifics about digital sales in the quarter. Digital Commerce 360 estimates online sales made up about 6% of total sales in 2022, reaching $859.5 million.
Harley-Davidson (No. 430)
Harley-Davidson’s consolidated revenue declined 2% in the second quarter ended June 30 to $1.4 billion, the retailer reported. The decline was driven by a 4% drop in revenue from Harley-Davidson Motor Company (HDMC), which sells motorcycles and related products. Part of the decline was offset by 19% revenue growth at Harley-Davidson Financial Services (HDFS), which provides financing and insurance to dealers and customers.
The motorcycle retailer did not share specifics of online sales. However, Harley-Davidson is expanding its online marketplace of pre-owned motorcycles.
Mattel (No. 200)
Mattel net sales declined 12% in Q2 ended June 30 to $1.1 billion, the toy company reported. The retailer attributed the decrease to declines in the toy industry as a whole, with the expectation that consumers are waiting to make purchases for the holiday season, CEO Ynon Kreiz told investors.
Following the release of the Barbie movie, Mattel entered 165 product partnerships in thousands of stores, Kreiz said. So far, toys and products related to the film have sold out across distribution channels, Kriez says. Mattel did not share specific figures on digital sales. Mattel president and chief operating officer Richard Dickson was recently appointed as chief executive officer to Gap Inc. (No. 20), effective Aug. 22.
Overstock.com Inc. (No. 50)
Online home furnishings retailer Overstock said revenue was down 20% year over year to $422 million for the quarter ended June 30, 2023.
Tractor Supply Co. (No. 97)
Tractor Supply net sales grew 7.2% year over year in the second quarter $4.18 billion. Comparable store sales grew 2.5% over the period, which ended July 1.
The retailer announced plans to reach 3,000 U.S. locations from the current 2,164 by opening 90 new stores per year. About 30% of current stores, 700, are now organized in the Project Fusion layout, CEO Hal Lawton told investors. The retailer is adding drive-thru pickup lanes to these stores for omnichannel orders.
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