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Crocs reports record £1.7 billion annual revenue in 2021

Camilla Rydzek
17 February 2022

Casual footwear brand Crocs has announced its fourth quarter and full year 2021 financial results, reporting record annual revenues of £1.7 billion ($2.3 billion), a growth of 67% compared to the 2020 period.


Andrew Rees, Chief Executive Officer commented: "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 £4,4 billion ($6 billion) in revenues by 2026."

In the fourth quarter of 2021 Crocs recorded revenues of £431.3 million ($586.6 million), an increase of 42.6% compared to the same period last year, with a gross margin of 63.4%. It highlighted that its direct-to-consumer channel, which includes retail and e-commerce, grew by 44.5% while wholesale revenues grew by 40.3%.

In the full year 2021 the brand recorded operational income of £502.1 million ($683.1 million), a 219.0% increase compared to last year when it recorded £157.3 million ($214.1 million). Its operating margin also increased to 29.5%.

Crocs showed growth across all sales channels but highlighted that digital sales, including company-owned websites, third party marketplaces, and e-tailers, represented 36.7% of revenues in 2021, with digital sales growing by 47.6%. It also saw Crocs' wholesale channel record a revenue increase of 69.4% to £863 million ($1.2 billion), while its direct-to-consumer channel revenues showed an increase of 64.4% to £838 million ($1.1 billion).

In 2022 Crocs expects revenue growth, excluding its Heydude brand, to exceed 20% compared to 2021. In the first quarter of 2022 it forecasts revenues to be between about £445 million ($605 million) to £464 million ($630 million).

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