Crocs estimated that its revenue grew by two-thirds last year compared to 2020, while sales rose 42% in the fourth quarter of the last fiscal year.
Consumers stuck at home during restrictions over the past 18 months have ditched shoes social for more comfortable footwear, benefiting companies like Crocs and Ugg brand owner Deckers Outdoor Corp. Demand has remained steady this year.
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“2021 has proven to be an exceptional year for the Crocs brand, highlighted by expected 67% revenue growth amid a challenging global supply chain environment,” said CEO Andrew Rees.
The massive growth beat Wall Street analysts’ expectations, as the consensus was that the company would report growth of 65%.
Crocs is projecting total revenue of $2.31 billion compared to $1.38 billion in 2020. Analysts had predicted $2.28 billion.
Last month, the Crocs acquired Heydude, a brand Italian casual footwear specialist in flip-flops. Heydude reported $570 million in revenue in 2021 – nearly half of sales made through online platforms.
“We remain incredibly confident in the Crocs brand and expect to hit $5 billion in revenue by 2026, even before any Heydude revenue.
“Building on this solid foundation, as we close, we are excited to add Heydude as another high-growth, highly profitable brand.”
The $2.5 billion cash and stock deal is expected to close in the first quarter of this fiscal year.
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