Crocs estimated that its revenue grew by two-thirds last year compared to 2020 while sales surged by 42% in fourth quarter of the last fiscal year.
Consumers stuck at home during the lockdowns over the past 18 months ditched dress shoes for more comfortable footwear, benefiting companies such as Crocs and Ugg brand owner Deckers Outdoor Corp. Demand has remained firm this year.
“2021 proved to be an exceptional year for the Crocs brand, highlighted by expected 67% revenue growth amidst a challenging global supply chain environment,” said CEO Andrew Rees.
The outsize growth exceeded Wall Street analysts’ expectations as the consensus was that the company would report 65% growth.
Crocs is projecting a total of $2.31 billion in revenue compared with $1.38 billion in 2020. Analysts had anticipated $2.28 billion.
Shares of the the company fell by nearly 2.5% on Monday. By the closing bell, Crocs Inc. was selling at $122.60 per share.
Last month, Crocs acquired Heydude, an Italian casual footwear brand that specializes in slip-ons for me, women, and children. Heydude reported $570 million in revenue in 2021 – nearly half from sales made through online platforms.
“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.
“Building upon that strong foundation, upon closing, 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.