Crocs exceeds expectations with record revenue growth

Crocs has posted record revenues of almost $4 billion (£3.178 billion) for its full year 2023, up 11.5% year-on-year and boosted by a fourth quarter that exceeded expectations.

Fourth quarter revenue totalled $960 million (£763 million), an increase of 1.6% from the same period last year, with direct-to-consumer revenues up 6.8% and wholesale revenues up 4.6%.

Andrew Rees, Chief Executive Officer at Crocs, Inc., said: "We delivered a record year for Crocs Inc. capped off by a strong fourth quarter that exceeded expectations across all metrics.

"Revenue grew over 11% underpinned by industry leading operating margins and double-digit earnings per share growth. The Crocs brand grew across all regions and channels, highlighting the power of our strategy and disciplined execution.

"We also made good progress in the fourth quarter towards returning our HEYDUDE brand to a pull-market position, resulting in improved gross margins and healthy inventory levels exiting the year.

"We are starting off 2024 from a position of strength and taking the opportunity to reinvest into several key strategic areas as we continue to lay the foundation for durable market share gains."