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Dec 31, 2020
Crocs Q4 2020 Earnings Report
Crocs reported record fourth quarter revenues and profitability, finishing the year with strong brand momentum.
Key Takeaways
Crocs, Inc. reported record annual revenue of $1.4 billion, up 13%. Fourth quarter revenues increased by 56.5% to $411.5 million. The company is looking forward to an exceptional 2021 with accelerated revenue growth.
Achieved highest quarterly revenues in company history in the fourth quarter.
Record 2020 revenues of $1.4 billion increased 12.6% over last year.
Digital sales grew 50.2% in 2020, representing 41.5% of revenue.
Direct-to-consumer comparable sales increased 39.2% in 2020.
Crocs
Crocs
Crocs Revenue by Geographic Location
Revenue by Geographic Location
North America Revenue
CapyFin.comInternational Revenue
CapyFin.com Forward Guidance
For the first quarter of 2021, Crocs expects revenue growth to be between 40% and 50% compared to the first quarter of 2020. Adjusted operating margin is expected to be between 17% and 18%. For the full year 2021, revenue growth is expected to be between 20% and 25%.
Positive Outlook
- Revenue growth to be between 40% and 50% compared to first quarter 2020 revenues of $281.2 million
- Adjusted operating margin to be between 17% and 18%
- Revenue growth to be between 20% and 25% compared to 2020 revenues of $1,386.0 million
- Adjusted operating margin to be between 18% and 19%
- GAAP tax rate of approximately 25% and non-GAAP effective tax rate of approximately 16% to 18%
Challenges Ahead
- Non-GAAP adjustments of approximately $3 million related to distribution center investments that will impact gross margin
- Non-GAAP adjustments of approximately $12 to $15 million related to distribution center investments that will impact gross margin
- Potential adverse currency exchange rate fluctuations
- Changing consumer preferences
- Effect of competition in the industry
Revenue & Expenses
Visualization of income flow from segment revenue to net income