Casual footwear brand Crocs has recorded $792.56m in net income for the fiscal year 2023 (FY23), marking a 46.7% growth from $540.15m in FY22.
For the fiscal year ending 31 December 2023, the company reported revenues of $3.96bn, an 11.5% increase from the $3.55bn in the previous year.
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The company’s gross profit was $2.21bn, an 18.7% increase from $1.86bn in FY22.
A notable improvement was seen in the gross margin, which climbed to 55.8%, up 350 basis points compared to 52.3% in the previous year.
The company’s selling, general and administrative (SG&A) expenses rose to $1.17bn in FY23 from $1.01bn in FY22.
Its income from operations saw an increase of 21.9% to $1.03bn from $851m in 2022.
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By GlobalDataCrocs’ diluted earnings per share (EPS) surged by 46.8% to $12.79 per share, up from $8.71 in FY22.
In the fourth quarter (Q4) of fiscal year 2023, the company reported a net income of $253.58m, an 84.1% jump from $137.73m in the same period of the previous year.
Revenues for the quarter were $960m, a slight increase of 1.6% from the previous year.
The gross profit for the quarter rose to $530.69m, a 6.9% increase from $496.32m in Q4 FY22, while SG&A expenses also increased to $321.18m from $276.27m.
Income from operations saw a decrease of 4.8% to $209.51m.
The diluted EPS for the quarter was $4.16, significantly higher than the $2.20 reported in Q4 FY22, aided by an increased tax benefit.
Crocs CEO Andrew Rees said: “We delivered a record year for Crocs capped off by a strong fourth quarter that exceeded expectations across all metrics. The Crocs Brand grew across all regions and channels, highlighting the power of our strategy and disciplined execution.
“We made good progress in the fourth quarter towards returning our HEYDUDE Brand to a pull-market position resulting in improved gross margins and healthy inventory levels exiting the year.”
In fiscal 2024, Crocs anticipates revenue growth of 3% to 5%.
