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Crocs Inc raises economic outlook for 2021


Colorado-based footwear maker Crocs Inc has raised economic outlook for 2021. The company’s expects revenues, to grow by 67 percent during the year as compared to the earlier estimate of 65 per cent on account of 42 per cent surge in Q4 sales.

As per a Fashion Network report, Crocs’ revenues grew by 77.2 per cent to 1.7 billion in revenues compared to $974.4 million in the same nine-month period in the previous year. The company expects its full year revenues to reach $2.31 billion compared with $1.38 billion in 2020.

Last month, Crocs also purchased privately owned Italian footwear label Heydude for $2.5 billion. Through this acquisition, the company aims to achieve $5 billion in revenues by 2026,

In 2022, excluding Heydude, it expects revenues to grow by 20 percent compared to 2021. Meanwhile, its full year pro forma revenues for Heydude are expected to be approximately $700 to $750 million.

Last year, Crocs revealed a five-year growth framework to achieve revenues of $5 billion by 2026, including a focus on digital expansion, growth in the Asia market, innovation in product and more.