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Crocs reports record third quarter revenues

Tom Shearsmith
21 October 2021

Casual footwear brand Crocs has reported record third quarter revenues, with revenues reaching $625.9 million, a 73% increase from a year earlier.

Revenue growth was strong in all regions, with the Americas up 94.5%, Asia Pacific up 21.2% and Europe, Middle East, and Africa up 42.8% on a constant currency basis versus prior year.

Digital sales grew 68.9% to represent 36.8% of revenues versus 37.7% and 32.2% of revenues in 2020 and 2019, respectively. Within digital, all regions experienced double-digit growth from prior year.

Operating income more than doubled to $203.1 million as compared to third quarter 2020 and operating margin expanded to 32.4% from 19.9% versus prior year.

During the third quarter production began on bio-based products, which is expected to go on sale in 2022, using materials sourced from waste and by-product from other industries.

Looking ahead, Crocs now expects full-year 2021 revenue to increase by between 62% and 65%, compared to an earlier estimate of between 60% and 65%. It expects full-year 2022 growth to increase by more than 20% year-on-year.

Andrew Rees, Crocs Chief Executive Officer, concluded: "Globally, our teams are managing through the supply chain disruptions to mitigate the impact on our business. Despite the temporary disruptions, we expect 2022 revenues to grow over 20% from 2021 fuelled by the strength of our brand and consumer demand globally."

As one of the world's largest footwear companies, Crocs recently committed to becoming a net zero emissions company by 2030, prioritising the mitigation of Scope 1, 2 and 3 CO2 equivalent emissions.

The plan implemented to achieve this commitment centres on the transition to sustainable ingredients, minimising packaging, responsible resource use, and exploring innovative product afterlife solutions.

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