Crocs, the iconic footwear brand, announced robust financial results for the fiscal year 2023, marked by record revenues and impressive earnings growth. Andrew Rees, Chief Executive Officer of Crocs, expressed satisfaction with the company’s performance, emphasizing significant revenue growth across all regions and channels.
Fiscal 2023 Highlights:
- Revenue Growth: Crocs reported a revenue of 3.96 billion US dollars for the twelve months ending December, marking an 11.5% increase over the previous year.
- Brand Performance: Crocs brand revenue reached 3.0 billion US dollars, with growth observed across wholesale and direct-to-consumer (DTC) channels.
- Heydude Revenue: Heydude, a subsidiary of Crocs, saw revenue growth of 6.0% to 949 million US dollars, driven by a strong performance in DTC sales.
- Gross Margin Improvement: Crocs’ gross margin improved to 55.3% from 52.5% in 2022, demonstrating enhanced operational efficiency.
- Earnings Growth: Diluted earnings per share grew by 46.8% year-over-year to 12.79 US dollars, reflecting the company’s profitability and operational excellence.
Guidance for 2024:
- Revenue Outlook: Crocs expects revenue growth of 3% to 5% for fiscal 2024, driven by continued momentum in the Crocs brand and stable performance from Heydude.
- Earnings Expectations: Adjusted diluted earnings per share are anticipated to be in the range of 12.05 US dollars to 12.50 US dollars.
- First Quarter Projections: Revenue for the first quarter is expected to be down slightly, with Crocs brand revenue increasing while Heydude revenue declines. Adjusted diluted earnings per share for the quarter are forecasted between 2.15 US dollars to 2.25 US dollars.
Crocs remains optimistic about its future outlook, buoyed by its strong performance in 2023 and strategic initiatives aimed at driving sustained growth.
