Crocs Inc. Expects to Grow Annual Revenue 53%
Crocs, Inc. (NASDAQ: CROX), a world leader in innovative casual footwear for women, men, and children, today announced it expects record 2022 revenues of approximately $3.55 billion, which would represent approximately 53% growth compared to 2021.
“2022 was an exceptional year for Crocs, Inc., with strong consumer demand for both the Crocs and HEYDUDE brands driving expected 53% revenue growth. We are also pleased to have made significant progress on deleveraging, as we have reduced borrowings by approximately $500 million since acquiring HEYDUDE in early 2022,” said Andrew Rees, Chief Executive Officer.
With respect to 2022:
- We expect fourth quarter 2022 revenue growth of approximately 60% compared to 2021.
- We expect full year 2022 revenues to grow approximately 53% compared to 2021, above recent guidance of approximately 49% to 52% growth.
- We continue to expect full year 2022 non-GAAP operating margin of approximately 27%.
- We reduced borrowings by $300 million during the fourth quarter.
With respect to 2023, we expect revenue growth of 10% to 13% compared to 2022, resulting in full year revenues of approximately $3.9 billion to $4.0 billion at current currency rates.
We will present at the 2023 ICR Conference today, January 10, 2023 at 8:00 am ET.
A live broadcast of our presentation may be found on the Investor Relations section of the Crocs Inc. website, investors.crocs.com. A replay of the webcast will remain available on the website after the presentation.
About Crocs, Inc.:
Crocs, Inc. (Nasdaq: CROX) is a world leader in innovative casual footwear for women, men, and children, combining comfort and style with a value that consumers know and love. The Company’s brands include Crocs and HEYDUDE and its products are sold in more than 85 countries through wholesale and direct-to-consumer channels. For more information on Crocs, Inc. please visit investors.crocs.com. To learn more about our brands, please visit www.crocs.com or www.heydude.com or follow @Crocs or @heydudeshoes on Facebook, Instagram and Twitter.