Crocs posts 56.5 percent rise in Q4 revenues
Feb 23, 2021
Revenues at Crocs Inc., were 411.5 million dollars, an increase of 56.5 percent from the same period last year or 56.1 percent on a constant currency basis for the fourth quarter. The company said in a statement that ecommerce revenues grew 92 percent, wholesale revenues rose 52.2 percent, and retail comparable store sales increased 40.9 percent for the quarter.
Gross margin of 55.7 percent increased 770 basis points compared to 48 percent in the same period last year, while adjusted gross margin of 56 percent rose 670 basis points from the same period last year. Diluted earnings per share increased to 2.69 dollars compared to 29 cents and adjusted diluted earnings per share were 1.06 dollars compared to 12 cents for the same period last year.
Commenting on the performance, Andrew Rees, Crocs Chief Executive Officer, said: “We achieved record fourth quarter revenues and profitability and finished 2020 with very strong brand momentum. We are looking forward to an exceptional 2021 with accelerated revenue growth as we invest in digital, China, and our supply chain to support future growth.”
Crocs sales increase by 12.6 percent in 2020
Revenues for the full year were 1,386 million dollars, an increase of 12.6 percent from last year or up 13.5 percent on a constant currency basis. E-commerce revenues grew 58.2 percent, wholesale revenues rose 5.6 percent, and retail comparable store sales grew 21.2 percent.
The company added that gross margin of 54.1 percent increased 400 basis points compared to 50.1 percent last year, while adjusted gross margin of 54.6 percent rose 350 basis points from last year. Diluted earnings per share increased 174.7 percent to 4.56 dollars compared to 1.66 dollars last year and adjusted diluted earnings per share doubled to 3.22 dollars compared to 1.61 dollars for the same period last year.
In 2020, revenues in the Americas of 863.6 million dollars increased 35.7 percent on a constant currency basis, Asia Pacific revenues of 278.5 million dollars decreased 19.2 percent on a constant currency basis and EMEA revenues of 243.7 million dollars increased 1.5 percent on a constant currency basis. Wholesale revenues increased 5.6 percent to 692.9 million dollars, retail revenues decreased 3.8 percent to 334 million dollars and ecommerce revenues increased 58.2 percent to 359 million dollars.
Crocs expects 40 to 50 percent sales growth in Q1 2021
With respect to the first quarter of 2021, Crocs expects revenue growth to be between 40 percent and 50 percent, and adjusted operating margin to be between 17 percent and 18 percent.
For the full year 2021, the company expects revenue growth to be between 20 percent and 25 percent compared to 2020 revenues of 1,386 million dollars, and adjusted operating margin to be between 18 percent and 19 percent.