Jan 18, 2024 - Crocs, Inc. (NASDAQ: CROX), a world leader in innovative casual footwear for all, announced it expects record 2023 revenues of approximately $3.95 billion, which would represent over 11% growth compared to 2023.
"2023 was a strong year for Crocs, Inc. that culminated in a successful holiday season with market share gains for both brands. Fourth-quarter revenue is now expected to exceed our former guidance and we are raising our operating margin target for the year. Our strong free-cash flow generation enabled us to pay down $277 million in net debt in the quarter, bringing our full-year debt pay down to $665 million," said Andrew Rees, Chief Executive Officer. "We are coming into 2024 from a position of strength and are making the decision to reinvest our best-in-class margins into focused strategic investments as we continue to set ourselves up for long-term, durable growth."
Updated Fourth Quarter and 2023 Outlook
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They expect fourth quarter 2023 revenues to grow over 1% compared to 2022
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Crocs brand is expected to grow over 13%
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They paid down approximately $277 million of net debt and repurchased $25 million in stock in the fourth quarter.
Preliminary 2024 Outlook
With respect to 2024, they expect revenue growth of 3% to 5% compared to 2023 comprised of 4% to 6% growth for the Crocs brand and flat to slightly up for HEYDUDE Brand.
They say that they expect gross margin improvement over 2023 and plan to reinvest these dollars into brand accretive and strategic SG&A investments. This will result in 2024 non-GAAP operating margins of approximately 25%.
About Crocs, Inc.:
Crocs, Inc. (Nasdaq: CROX), headquartered in Broomfield, Colorado, is a world leader in innovative casual footwear for all, combining comfort and style with a value that consumers know and love. The Company's brands include Crocs and HEYDUDE, and its products are sold in more than 85 countries through wholesale and direct-to-consumer channels. For more information on Crocs, Inc. visit investors.crocs.com. To learn more about their brands, visit www.crocs.com or www.heydude.com.
Investor Contact:
Erinn Murphy, Crocs, Inc.
(303) 848-7005
emurphy@crocs.com
PR Contact:
Melissa Layton, Crocs, Inc.
(303) 848-7885
mlayton@crocs.com
Media Contact
Company Name: Crocs, Inc.
Contact Person: PR Contact
Email: Send Email
Country: United States
Website: crocs.com
