The shoes are listed for sale at the Crocs retail store on July 22, 2021 in Chicago, Illinois.
Scott Olson | Getty Images
Crocs said Monday that sales in 2021 will grow about 67% from 2020, more than previously expected.
Crocs called for a 62% to 65% increase in full year sales. According to Refinitiv estimates, analysts were expecting 65% year-on-year growth.
“2021 has been an exceptional year for the Crocs brand … in a complex global supply chain,” said Crocs CEO Andrew Rees.
Shares recently dropped 1.6% in premarket trading, closing 2.3% on Friday at $ 125.70.
Crocs said fourth-quarter sales will grow 42%, better than analysts’ forecast of 36.6%.
The retailer did not provide a forecast for fourth-quarter earnings. Analysts predicted Crocs would earn an average of $ 1.39 per share.
And for 2022, Crocs confirmed its expectations for revenue growth, with the exception of Hey Dude, at more than 20%. Analysts expect growth of 32% over the previous year.
Crocs announced in December that it plans to acquire private footwear brand Hey Dude for $ 2.5 billion in cash and stock. The deal is expected to close in the first quarter.
Read the full press release from Crocs here…