Crocs, Inc. (NASDAQ:CROX) shares traded lower Thursday after the footwear maker reported a mixed first-quarter performance, as strength in its core brand and raised guidance failed to offset weakness in HEYDUDE and margin compression.

Earnings Beat Expectations, But Revenue Declines

The company posted adjusted earnings of $2.99 per share, topping the analyst consensus estimate of $2.77. Revenue declined 1.7% year over year to $921.5 million, but still exceeded expectations of $900.9 million.

Crocs brand revenue rose 0.8% to $767 million, though it declined 1.9% on a constant-currency basis. HEYDUDE revenue fell 12.3% to $154 million, or 13.2% on a constant-currency basis.

Direct-to-consumer sales increased 12.1%, or 10.2% on a constant-currency basis, while ...