Crocs records 67% sales uptick in 2021
U.S. footwear company Crocs reported on Wednesday record revenues of $2.3 billion in 2021, an increase of 66.9% over 2020, on the back of surging sales across all geographic zones.
The Broomfield, Colorado-based company sales in its native Americas market reached $1.6 billion, up 85.9% on a constant currency basis, while revenues in Asia Pacific gained 21.5% to $350.2 million. Europe, Middle East, and Africa saw revenues total $356.2 million, an increase of 41.7% in 2021.
By channel, direct-to-consumer revenues totalled $1.1 billion, up 64.4%, compared to $693 million last year, while wholesale revenues came in at $1.2 billion, up 69.4%, compared to $692.9 million in 2020.
Digital sales, which includes sales through company-owned websites, third party marketplaces, and e-tailers, grew 47.6% in 2021 with double-digit growth in all regions to represent 36.7% of revenues.
Net income registered at $725.7 million for the year, compared to $312.9 million in 2020.
Diluted earnings per share increased 149.8% to $11.39 per share, said the company.
"A strong 2021 holiday season completed a very successful year for our brand. We achieved incredible results with record revenues of $2.3 billion, 67% revenue growth and industry-leading 30% operating margin," said Andrew Rees, chief executive officer.
Meanwhile, fourth-quarter revenues totalled $586.6 million, an increase of 42.6% from the same period last year.
"Our fourth straight year of revenue growth was fueled by continued strong consumer demand for the Crocs brand globally," added Rees.
The company said it expects the acquisition of Heydude, announced in December last year, to close in February 22, subject to customary closing conditions. Both Heydude and Crocs brands are expected to contribute to the company's total sales growth targets in the next four years.
"We are excited about our sustainable growth trajectory for both the Crocs and Heydude brands and are confident in our plan to grow to $6 billion in revenues by 2026."
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