13 Jan Crocs Raises 2021 Sales Outlook
Crocs Inc. announced it expects record 2021 revenues with approximately 67 percent growth compared to 2020.
“2021 proved to be an exceptional year for the Crocs brand, highlighted by expected 67 percent revenue growth amidst a challenging global supply chain environment,” said Andrew Rees, Chief Executive Officer. “We remain incredibly confident in the Crocs brand and continue to expect to achieve $5 billion in revenues by 2026, even before any Hey Dude revenues. Building upon that strong foundation, upon closing, we are excited to add Hey Dude as another high growth, highly profitable brand.”
2021 Outlook
With respect to 2021, Crocs expects:
- Fourth-quarter 2021 revenue growth of approximately 42 percent;
- Full-year 2021 revenues to grow approximately 67 percent, up from recent guidance of approximately 62 percent to 65 percent growth;
- Fourth-quarter 2021 non-GAAP operating margin of approximately 28 percent;
- Full-year 2021 non-GAAP operating margin of nearly 30 percent; and
- Share repurchases of $1 billion were completed during the year.
2022 Outlook
With respect to 2022, the company reaffirmed and expects:
- Revenue growth for the Crocs brand, excluding Hey Dude, to exceed 20 percent compared to 2021;
- Full-year pro forma revenues for Hey Dude to be approximately $700 to $750 million;
- Gross margin to include an incremental $75 million of air freight compared to 2021;
- Non-GAAP operating margin for the Crocs brand, excluding Hey Dude, of approximately 25 percent including the impact of air freight;
- Full-year pro forma non-GAAP operating margin for Heydude of approximately 26 percent; and
- Hey Dude to be immediately accretive to our revenue growth, non-GAAP operating margins and earnings per share.
Crocs provided the update in anticipation of management’s appearance at the 2022 ICR conference.