Crocs (CROX) FY22 Revenue Expectations Tops Consensus

Crocs, Inc. (NASDAQ: CROX), a world leader in innovative casual footwear for women, men, and children, today announced it expects record 2022 revenues of approximately $3.55 billion, which would represent approximately 53% growth compared to 2021.

(Consensus sees FY revenue of $3.51 billion)

"2022 was an exceptional year for Crocs, Inc., with strong consumer demand for both the Crocs and HEYDUDE brands driving expected 53% revenue growth. 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," said Andrew Rees, Chief Executive Officer.

With respect to 2022:

• We expect fourth quarter 2022 revenue growth of approximately 60% compared to 2021.
• We expect full year 2022 revenues to grow approximately 53% compared to 2021, above recent guidance of approximately 49% to 52% growth.
• We continue to expect full year 2022 non-GAAP operating margin of approximately 27%.
• We reduced borrowings by $300 million during the fourth quarter.

With respect to 2023, we expect revenue growth of 10% to 13% compared to 2022, resulting in full year revenues of approximately $3.9 billion to $4.0 billion at current currency rates.

We will present at the 2023 ICR Conference today, January 10, 2023 at 8:00 am ET.

A live broadcast of our presentation may be found on the Investor Relations section of the Crocs Inc. website, investors.crocs.com. A replay of the webcast will remain available on the website after the presentation.

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