Crocs estimates its revenue surged 67 percent last year

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Crocs estimated that its revenue grew by two-thirds last year compared to 2020 while sales surged by 42% in fourth quarter of the last fiscal year.

Consumers stuck at home during the lockdowns over the past 18 months ditched dress shoes for more comfortable footwear, benefiting companies such as Crocs and Ugg brand owner Deckers Outdoor Corp. Demand has remained firm this year.

“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 CEO Andrew Rees.

The outsize growth exceeded Wall Street analysts’ expectations as the consensus was that the company would report 65% growth.

Crocs is projecting a total of $2.31 billion in revenue compared with $1.38 billion in 2020. Analysts had anticipated $2.28 billion.

Shares of the the company fell by nearly 2.5% on Monday. By the closing bell, Crocs Inc. was selling at $122.60 per share.

New York, UNITED STATES: A sample of Crocs shoes on display in a midtown New York City shoe store 21 February 2007.  Crocs is an American company founded by Lyndon "Duke" Hanson, Scott Seamans, and George Boedecker in July 2002  in Boulder, Colorado. Originally intended as a boating/outdoor shoe because of its slip-resistant, non-marking sole, crocs introduced its first model, the Beach  at the Ft. Lauderdale Boat Show and has become one of the most trendy shoes in the United States. AFP PHOTO    Timothy A. CLARY (Photo credit should read TIMOTHY A. CLARY/AFP via Getty Images)
Demand for Crocs surged during the COVID-19 pandemic as people forced to stay indoors during lockdowns ditched dress shoes for casual, in-home footwear.
AFP via Getty Images

Last month, Crocs acquired Heydude, an Italian casual footwear brand that specializes in slip-ons for me, women, and children. Heydude reported $570 million in revenue in 2021 – nearly half from sales made through online platforms.

“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.”

The $2.5 billion cash-and-stock deal is expected to be finalized in the first quarter of this fiscal year.

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