Crocs notes that fourth-quarter sales were up 42%, completing an “exceptional year.”

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

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button