This pop-icon shoe brand just had an ‘exceptional’ year
Crocs, the company behind the colorful water-resistant footwear, reported a record surge in global sales in 2021 in a statement on Monday.
“2021 proved to be an exceptional year for the Crocs brand [...] amidst a challenging global supply chain environment,” Crocs CEO Andrew Rees said in the statement.
Known as the world leader in casual footwear for people of all ages, and worn extensively by medical workers, Crocs sold 42% more shoes in 2021’s fourth quarter alone compared to 2020. For the year, according to Rees, the company’s sales in 2021 surged about 67% from 2020. The official also unveiled plans for the company to “achieve $5 billion in revenues by 2026.”
As for this year, Crocs reaffirmed expectations of revenue growth to exceed 20%. This estimation does not include its recent multibillion-dollar acquisition of the privately-held casual shoemaker Hey Dude. The deal was not received well by investors concerned about the unfamiliar label, and Crocs’ shares dropped 12% upon the news.
However, Crocs has put high hopes into the addition, with Rees stressing “we are excited to add Hey Dude as another high growth, highly profitable brand” in his statement. Still, Crocs’ stock was down 2.5% on Monday, trading at $122.6 per share at 14:00 GMT.
Crocs’ shares saw a massive run-up in 2021, rallying roughly 93% and boasting a market capitalization of about $7.2 billion. Even the Covid-19 pandemic was something of a blessing for the brand, which launched the 'Free Pair for Healthcare' program in May last year, offering healthcare workers a free pair of their clogs. The move resulted in a sales boom.
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