With respect to 2021, Crocs Inc. expects fourth quarter revenue growth of approximately 42 percent and full year 2021 revenues to grow approximately 67 percent, up from recent guidance of approximately 62 percent to 65 percent growth.
The company expects fourth quarter non-GAAP operating margin of approximately 28 percent and full year non-GAAP operating margin of nearly 30 percent. The company completed share repurchases of 1 billion dollars during the year.
“2021 proved to be an exceptional year for the Crocs brand, highlighted by expected 67 percent revenue growth amidst a challenging global supply chain environment,” said Andrew Rees, Crocs chief executive officer in a statement, adding, “We continue to expect to achieve 5 billion dollars in revenues by 2026, even before any Hrydude revenues.”
With respect to 2022, Crocs is reaffirming that revenue growth for the Crocs brand, excluding Heydude, will exceed 20 percent compared to 2021. Full year pro forma revenues for Heydude to be approximately 700 to 750 million dollars.
The company expects non-GAAP operating margin for the Crocs brand, excluding Heydude, of approximately 25 percent including the impact of air freight and full year pro forma non-GAAP operating margin for Heydude of approximately 26 percent.
The company anticipated Heydude to be immediately accretive to the company’s revenue growth, non-GAAP operating margins, and earnings per share.