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Crocs expects record annual revenues

Tom Shearsmith
11 January 2023

Footwear company Crocs Inc. has announced it expects record 2022 revenues of approximately $3.55 billion, representing 53% growth compared to 2021.

The new guidance is an increase on the previously expected growth levels of between 49% to 52%. It continues to expect full year 2022 non-GAAP operating margin of approximately 27%.

The company expects fourth quarter 2022 revenue growth of approximately 60% compared to 2021.

Crocs also confirmed that it successfully reduced borrowings by $300 million during the fourth quarter.

Andrew Rees, Chief Executive Officer, commented: "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."

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.

Crocs was originally set to partner with BBC Three's RuPaul's Drag Race UK and sponsor the RuPaul's DragCon UK event. The footwear brand subsequently pulled out before launch.

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