Crocs Q4 Earnings Top Estimates

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  • Crocs Inc CROX reported fourth-quarter FY21 sales growth of 42.6% year-on-year, to $586.6 million, beating the analyst consensus of $585.02 million.
  • Wholesale revenue grew 40.3%, and Direct-to-consumer (DTC) sales increased 44.5% Y/Y.
  • Adjusted EPS of $2.15 beat the analyst consensus of $2.00.
  • The gross margin and the adjusted gross margin rose 770 basis points to 63.4% and 63.7%, respectively.
  • Selling, general and administrative expenses increased 28.9% to $212 million.
  • The operating margin was 27.3%, and the operating income more than doubled to $160 million.
  • The company held $213.2 million in cash and equivalents as of December 31, 2021.
  • "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," said CEO Andrew Rees.
  • RelatedCrocs To Acquire Footwear Brand HEYDUDE For $2.5B
  • Outlook: Crocs sees Q1 sales of $605 million - $630 million, below the consensus of $639.44 million. Excluding HEYDUDE, the company expects Crocs brand revenues of $520 million - $535 million, which implies organic growth of 13% - 16%. It sees a Q1 adjusted operating margin of about 22%.
  • For FY22, the company expects revenue growth for the Crocs brand, excluding HEYDUDE, to exceed 20% Y/Y. The company expects FY22 adjusted EPS of $9.70 - $10.25, against the consensus of $9.90.
  • Price Action: CROX shares are trading lower by 4.86% at $96.31 on the last check Wednesday.
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