Crocs lifts full-year revenue guidance on strong brand growth
Crocs Inc. announced on Tuesday it now expects record 2022 revenues of approximately $3.55 billion, which would represent approximately 53% growth compared to 2021.
The Broomfield, Colorado-based company's new forecast is above its recent guidance of approximately 49% to 52% full-year revenue growth, announced back in November, as part of its third-quarter trading update.
Likewise, Crocs said it expects fourth-quarter revenue growth of approximately 60%, compared to 2021, as well as full year 2022 non-GAAP operating margin of approximately 27%. It also revealed a reduction in borrowings by $300 million during the fourth quarter.
"2022 was an exceptional year for Crocs, Inc., with strong consumer demand for both the Crocs and HeyDude brands driving expected 53% revenue growth," said Andrew Rees, chief executive officer.
"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."
Looking ahead, Crocs said it expects revenue growth of 10% to 13% in 2023, compared to 2022, resulting in full year revenues of approximately $3.9 billion to $4 billion at current currency rates.
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