Crocs (CROX) shares jumped more than 25% on Thursday after the footwear designer reported third-quarter revenue and profit above investor expectations. Revenue rose 4.6% year over year to over $1 billion, with the namesake Crocs brand up 4.4% to $873 million and HeyDude returning to growth with sales up 6.1% to $170 million. Adjusted gross margin improved to 60.3% from 58.5%, adjusted operating income rose 11.7% to $232 million, and adjusted EPS climbed 26.4% to $3.69, above Wall Street's estimate of $3.31. Crocs generated more than $275 million in free cash flow and has repurchased 37% of its shares over the past decade. For the fourth quarter, management expects sales growth of 7%-9%, with Crocs brand sales up 6%-8% and HeyDude up 10%-12%, and targets adjusted EPS of $3.25 to $3.45.
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