Crocs Expects Record 2021 Revenue Growth of 67% and More Gains From Hey Dude in 2022

2021 was an “exceptional year” for Crocs, according to the company’s CEO Andrew Rees. Analysts and experts appear to concur. The company on Monday posted pre-announced expectations for Q4 and the full year ahead of its virtual presentation at the 24th annual ICR conference, which begins today and runs through Wednesday. Caleres, Genesco, Boot Barn and Lululemon also announced updated guidance, though Crocs’ winning streak was a major standout. Crocs expects to hit record 2021 revenues, marking about 67% growth compared to 2020. Crocs expects Q4 revenues to grow about 42%, with a Q4 non-GAAP operating margin of about 28%. For 2022, Crocs expects to see revenue grow more than 20% compared to 2021, which falls in line with the company’s broader plan to achieve $5 billion in sales by 2026. Plus, Crocs expects its recently acquired Hey Dude brand to see between $700 and $750 million in fiscal year 2022, in line with its goal to make it a $1 billion brand by 2024. “We remain incredibly confident in the Crocs brand and continue to expect to achieve $5 billion in revenues by 2026, even before any Hey Dude revenues,” said Rees. In light of the announcement, analysts updated or affirmed their stances on

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