Crocs (NASDAQ: CROX) might not offer everyone's favorite footwear, but the company has certainly delivered on one important metric for consumer discretionary stocks over the years: The "unique metric." In other words, thanks to its standout product offerings, the kids that loved Crocs in the 2000s and 2010s are growing up, but certainly not outgrowing their love of the foam clogs.

The shoemaker has made a comeback in recent years, and the pandemic seemingly sealed the deal on  consumers' preference for comfort and utility. However, despite its strong growth, shares are down some 56% from all-time highs. That's not a reason to ignore the stock, though. In fact, now's the time to ask if Crocs is the next monster growth story in the making. 

Crocs reported year-over-year sales growth of nearly 51% in Q2 2022. However, as all multinational companies have been reporting, a record run-up for the U.S. dollar took a heavy toll last quarter. A strong dollar reduces the value of a sale made internationally when that sale is converted to dollars, and the dollar has been skyrocketing. This is an aftereffect of the U.S. Federal Reserve's interest rate hikes to try and tame inflation. Backing out the effects of foreign currency exchange, Crocs' revenue would have increased nearly 56% in Q2.

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Source Fool.com