1. News
February 17, 2022

Crocs registers 67% increase in full-year revenue for FY21

The retailer expects its Q1 2022 revenues to be between $605m to $630m.

US-based casual footwear brand Crocs has registered record full-year revenues of $2.31bn for the fiscal year 2021 (FY21), up by 66.9% from the previous year.

The company’s revenue increased by 65.2% on a constant currency basis from 2020.

This growth was driven by a strong regional performance, with revenue increasing by 85.9% to $1.60bn in Crocs’ Americas business and by 21.5% to $350.2m in its Asia-Pacific operations.

During the year, Crocs’ income from its operations rose to $683.1m, a 219.0% increase from $214.1m in the prior year.

The company’s adjusted income from its operations increased by 164.8% to $695.3m, while its operating margin grew by 1,410 basis points to 29.5%.

Crocs’ full-year diluted earnings per share (EPS) increased by 149.8% to $11.39 and its adjusted EPS more than doubled to $8.32.

In the fourth quarter (Q4), the company saw its revenues rise by 42.6% from the same period of last year to $586.6m.

Revenues for Crocs’ direct-to-consumer (DTC) operations, which includes its retail and e-commerce services, were up by 44.5%, while the company’s wholesale revenues grew by 40.3%.

Crocs CEO Andrew Rees said: “A strong 2021 holiday season completed a very successful year for our brand.

“We achieved incredible results with record revenues of $2.3bn, 67% revenue growth and industry-leading 30% operating margin.

“Our fourth straight year of revenue growth was fuelled by continued strong consumer demand for the Crocs brand globally.

“We are excited about our sustainable growth trajectory for both the Crocs and HEYDUDE brands and are confident in our plan to grow to $6bn in revenues by 2026.”

Last year, Crocs announced a long-term strategy and initiatives for ‘sustainable and profitable’ growth.

The company has forecast an annual growth rate of more than 17% and expects its revenue to exceed $5bn by 2026.