Crocs Q4 2020 Earnings Report
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 Segment
Crocs Revenue by Geographic Location
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