Crocs, Inc. expects 2023 revenues of approximately 3.95 billion dollars, representing over 11 percent growth compared to 2023.
"2023 was a strong year for Crocs, Inc. that culminated in a successful holiday season with market share gains for both brands. Fourth-quarter revenue is now expected to exceed our former guidance and we are raising our operating margin target for the year,” said Andrew Rees, the company’s chief executive officer
Our strong free-cash flow generation enabled us to pay down 277 million dollars in net debt in the quarter, bringing our full-year debt pay down to 665 million dollars," Rees added.
The company expects fourth quarter revenues to grow over 1 percent compared to 2022, above its guidance for a decline of 4 percent to 1 percent, with the Crocs Brand growing almost 10 percent and Heydude down 19 percent.
Full year revenues are expected to grow over 11 percent, slightly above the company’s guidance of 10 percent to 11 percent growth, with Crocs Brand growing over 13 percent surpassing the 3 billion dollars mark and Heydude revenues of approximately 949 million dollars.
The company expects full year non-GAAP operating margin to now be in excess of 27 percent.
With respect to 2024, Crocs expects revenue growth of 3 percent to 5 percent compared to 2023 comprising 4 percent to 6 percent growth for the Crocs brand and flat to slightly up for Heydude brand and non-GAAP operating margins of approximately 25 percent.
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