Crocs Sees Higher Q1 Revenues; Backs FY22 View

(RTTNews) - Casual footwear maker Crocs Inc. (CROX), while announcing fourth-quarter results on Wednesday, said it expects first-quarter revenues to be approximately $605 to $630 million, a growth of around 31 percent to 37 percent from the prior year. This assumes the HEYDUDE acquisition closes in February 2022.

Excluding HEYDUDE, Crocs brand revenues are expected to be about $520 to $535 million, which implies organic growth of approximately 13 percent to 16 percent.

Adjusted operating margin for the first quarter is expected to be about 22 percent.

Further, the company maintained fiscal 2022 outlook, and continues to expect revenue growth for the Crocs brand, excluding HEYDUDE, to exceed 20 percent compared to 2021.

The company projects adjusted earnings per share of $9.70 to $10.25. Adjusted operating margin is now expected to approximately 26 percent.

Analysts on average expect the company to earn $9.9 per share for the year, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

In fiscal 2021, earnings per share were $11.39 and adjusted earnings per share were $8.32 on revenues of $2.31 billion.

Andrew Rees, Chief Executive Officer, said, "Our fourth straight year of revenue growth was fueled by continued strong consumer demand for the Crocs brand globally. We are excited about our sustainable growth trajectory for both the Crocs and HEYDUDE brands and are confident in our plan to grow to $6 billion in revenues by 2026."