Crooks estimates that its revenues increased by two-thirds last year compared to 2020, when sales rose 42% in the fourth quarter of last fiscal year.
During lockdowns over the past 18 months, consumers have gotten rid of dress shoes for more comfortable footwear, benefiting companies such as Crocs and Ugg brand owner Deckers Outdoor Corporation. Demand remains robust this year.
“2021 has proven to be an exceptional year for the Croix brand, highlighted by an expected 67% revenue growth amid a challenging global supply chain environment,” said CEO Andrew Reese.
The consensus that the company will report 65% growth has exceeded Wall Street analysts’ expectations.
Crocs is planning a total of $ 2.31 billion in revenue compared to $ 1.38 billion in 2020. Analysts had expected $ 2.28 billion.
Shares of the company fell nearly 2.5% on Monday. By the closing hour, Crocs Inc. The stock was sold at $ 122.60 per share.
Last month, Crocs acquired Heydude, an Italian casual footwear brand specializing in slip-ons for women and children. Heydude reported revenues of $ 570 million in 2021 – nearly half of sales made through online platforms.
“We are incredibly confident in the Crocs brand and expect to achieve $ 5 billion in revenue by 2026, ahead of any Heydude revenue.
“After building and closing on that strong foundation, we are excited to add Heydude as another high growth, highly profitable brand.”
The $ 2.5 billion cash-and-stock deal is expected to be finalized in the first quarter of this fiscal year.