Crocs raises full year guidance, expects record annual revenue growth
Broomfield, Colorado-based footwear maker Crocs Inc. said on Monday that it now expects record 2021 revenues, including approximately 67 percent growth compared to 2020.
Up from recent guidance of approximately 62 percent to 65 percent growth, the results follow a Q4 quarter where sales surged by 42 percent.
Year to date, Crocs reported $1.7 billion in revenues, up 77.2 percent, compared to $974.4 million in the same nine-month period in the previous year. Crocs is projecting a total of $2.31 billion in revenue compared with $1.38 billion in 2020.
"2021 proved to be an exceptional year for the Crocs brand, highlighted by expected 67% revenue growth amidst a challenging global supply chain environment," said Andrew Rees, chief executive officer.
Last month, Crocs also purchased privately owned Italian footwear label Heydude for $2.5 billion.
"We remain incredibly confident in the Crocs brand and continue to expect to achieve $5 billion in revenues by 2026, even before any Heydude revenues. Building upon that strong foundation, upon closing, we are excited to add Heydude as another high growth, highly profitable brand,” added Rees.
Looking ahead, revenue growth for the Crocs brand, excluding Heydude, is expected to exceed 20 percent compared to 2021. Meanwhile, full year pro forma revenues for Heydude is expected to be approximately $700 to $750 million.
Last year, Crocs revealed a five-year growth framework to achieve revenues of $5 billion by 2026, including a focus on digital expansion, growth in the Asia market, innovation in product and more.
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