Crocs reports record first quarter and increases 2021 guidance

United States
Published:  28 April, 2021

The U.S. headquartered footwear manufacturer has grown 64% to US$460 million in the first quarter of 2021, stronger than the expected growth of 40% to 50%. The company grew 60.5% on a constant currency basis, with growth in all regions and channels. As a result, the company has increased the 2021 guidance.

Digital sales grew 75.3% to represent 32.3% of revenue compared to 30.1% in 2020, while sandal revenues increased 17.1% to represent 17.3% of footwear sales.

Operating income increased to US$124.7 million from US$20.8 million in 2020 and operating margins expanded significantly to 27.1% compared with 7.4% in 2020.

The Americas’ revenue was US$276.4 million which increased 87.5% on a constant currency basis. Asia Pacific saw revenues of US$82.6 million, up 20.1% on a constant currency basis. EMEA revenues of US$101.1 million increased 41% on a constant currency basis.

Outlook

With regards to the second quarter of 2021, Crocs expect revenue growth to be between 60% and 70% compared to second quarter 2020 revenues of $331.5 million. For full year 2021, it expects revenue growth to be between 40% and 50% compared to 2020 revenues of US$1,386.0 million.

Andrew Rees, Chief Executive Officer, said: “In the first quarter we achieved record revenues and profitability, with growth in all regions and all channels. We have raised full year guidance as we continue to see consumer demand for our product accelerate globally."

Source: Crocs