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Crocs Saw 2021 Sales Climb 67 Pct

Crocs Saw 2021 Sales Climb 67 Pct

Crocs Saw 2021 Sales Climb 67 Pct

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.

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