Enterprenuers

Crocs sees fourth-quarter sales up 42%; CEO Andrew Rees says 2021 was ‘exceptional year’

Footwear is offered for sale at a Crocs retail store on July 22, 2021 in Chicago, Illinois.

Scott Olson | Getty Images

Crocs said Monday it sees sales in 2021 climbing about 67% from 2020, more than it previously anticipated.

Crocs had been calling for full-year sales to be up 62% to 65%. Analysts were looking for 65% year-over-year growth, according to Refinitiv estimates.

“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

The stock was recently falling more than 5% in afternoon trading, having closed Friday down 2.3% at $125.70.

For the fourth quarter, Crocs said it sees sales rising 42%, better than the 36.6% growth that analysts had predicted.

The retailer didn’t provide an outlook for fourth-quarter earnings. Analysts were projecting Crocs would earn $1.39 a share on average.

And for 2022, Crocs reaffirmed expectations for revenue growth, excluding Hey Dude, to exceed 20%. Analysts are looking for a 32% increase from prior-year levels.

Crocs announced in December it planned to acquire privately held footwear label Hey Dude for $2.5 billion in a cash-and-stock deal. The transaction is expected to close in the first quarter.

Crocs is scheduled to present to analysts and investors on Tuesday at the ICR conference, which is being held virtually this year.

Read the full press release from Crocs here.


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