Crocs saw its 2021 sales climb by nearly 67 percent compared to the year before as consumers continued to gravitate toward easy-to-clean and comfortable footwear options.
The company’s performance was buoyed by an impressive performance in the holiday season, with Q4 sales rising by 42%, which was higher than the 36.6% growth Wall Streets analysts had expected.
“2021 proved to be an exceptional year for the Crocs brand … amidst a challenging global supply chain environment,” said Crocs Chief Executive Andrew Rees in a statement.
While Crocs has not provided estimates for its fourth-quarter earnings, analysts expect the company to earn $1.39 a share, on average.
Looking ahead, the company is bullish on revenue growth in 2022 and it expects it to exceed 20%. However, analysts are expecting a 32% increase compared to prior-year levels.
“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,” Rees added.
The company recently announced plans to acquire footwear brand Heydude. The company will pay $2.05 billion in cash and $450 million in Crocs shares to Heydude’s founder and chief executive, Alessandro Rosano. The company plans to fund the deal by utilizing a $2 billion loan facility and borrowing $50 million from its revolving credit facility.
Heydude, which is privately owned, was founded in 2008 and has become famous for its lightweight casual shoes.