Crocs Projects 2023 Revenue Growth Slightly Above Guidance; To Exceed Operating Margin Target

(RTTNews) - Crocs, Inc. (CROX) said it expects 2023 revenues of approximately $3.95 billion, which would represent over 11% growth, slightly above its guidance of 10% to 11% growth. Crocs expects full year 2023 non-GAAP operating margin to now be in excess of 27%. The company expects fourth quarter revenues to grow over 1% from prior year, above guidance.

"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, CEO.

For 2024, Crocs expects 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. The company anticipates 2024 non-GAAP operating margins of approximately 25%.

Crocs also announced on Form 8-K plans to change segment reporting from four reportable segments to two with the filing of 2023 Form 10-K. The new segments will comprise of the Crocs Brand and the HEYDUDE Brand.

Shares of Crocs are up 8% in pre-market trade on Monday.

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