Crocs revenues rise 13% to record $1.4 billion in 2020

By

Robin Driver

Published
Feb 23, 2021

Broomfield, Colorado-based footwear maker Crocs, Inc. reported record annual revenues of $1.4 billion on Tuesday, up 12.6% compared to $1.2 billion in the previous year, as progress was driven by booming digital sales and solid growth in the company’s Americas region.

 
For the 12 months ended December 31, 2020, sales on the group’s own e-commerce platform rose 58.2% to $359.0 million, compared to $227.0 million the year before. Digital revenues, which also include sales through third-party marketplaces and e-tailers, rose 50.2% to account for 41.5% of the company’s total revenues.
 
The group’s annual retail revenues decreased 3.8%, from $347.4 million to $334.0 million, while retail comparable store sales grew 21.2%. Direct-to-consumer comparable sales, which include e-commerce and retail, grew 39.2%, compared to 16.0% in the previous year.

Wholesale revenues increased 5.6% to $692.9 million, up from $656.2 million in fiscal 2019.
 
By geography, Crocs’ Americas region put in the strongest performance in 2020, posting revenues of $863.6 million, up 34.8% compared to the previous year. Europe, the Middle East and Asia (EMEA) also made progress, seeing a 0.7% year-over-year increase in its revenues, which totaled $243.7 million, while sales in the Asia Pacific region fell 20.0% to $278.5 million.
 
The company’s full-year net income came to $312.9 million, or $4.56 per share, increasing from $119.5 million, or $1.66 per share, in 2019.
 
In the fourth quarter, Crocs’ revenues rose 56.5% to $411.5 million, compared to $263.0 million in the same period in the previous year. All of the company’s channels saw sales growth in the quarter, with e-commerce and wholesale posting rises of 92.0% and 52.2%, respectively, while retail comparable store sales increased 40.9%.
 
Quarterly net income was $183.3 million, or $2.69 per share, up from $19.9 million, or $0.29 per share, in the prior-year period.
 
“We achieved record fourth quarter revenues and profitability and finished 2020 with very strong brand momentum,” said Crocs CEO Andrew Rees in a release. “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.”
 
Looking forward, Crocs expects its first-quarter revenues to increase in the range of 40% to 50%, compared to first-quarter 2020 revenues of $281.2 million. Year-over-year growth in full-year 2021 revenues is anticipated to be between 20% and 25%.
 
“I am confident in our ability to continue to deliver outstanding profitability and strong cash flow. The Crocs brand has never been stronger and I am very excited about our future,” concluded Rees.