Crocs (NASDAQ: CROX), revealed Monday that it foresees 2021 sales increasing 67% from 2020, more than it had previously expected. The company had predicted full-year sales to rise anywhere from 62% to 65%. Analysts were hoping for a 65% year-over-year growth, according to Refinitiv. Nevertheless, shares were recently down over 4% during early morning trading Monday.
Additionally, in December the company announced plans to purchase footwear label Hey Dude, in a USD2.5 Billion cash-and-stock deal. The agreement is expected to finalize within the first quarter.
“2021 proved to be an exceptional year for the Crocs brand, highlighted by expected 67% revenue growth amidst a challenging global supply chain environment,” said Andrew Rees, Chief Executive Officer. “We remain incredibly confident in the Crocs brand and continue to expect to achieve $5 billion in revenues by 2026, even before any HEYDUDE revenues. Building upon that strong foundation, upon closing, we are excited to add HEYDUDE as another high growth, highly profitable brand.”
The foam clogs company said it sees fourth-quarter sales surging 42%, more than the 36.6% growth that analysts had anticipated. However, Crocs did not outline an outlook for fourth-quarter earnings.
The American company is set to present to analysts as well as investors on Tuesday at the ICR conference, which will be held virtually.