Crocs stock price soars on report of record annual sales

Crocs Inc. (Nasdaq: CROX) saw its stock price jump 12.24% on Thursday after the casual footwear brand reported record sales for fiscal year 2023.

Crocs posted more than $3.96 billion in sales last year, up from nearly $3.56 billion in 2022.

Full-year 2023 net income from operations was nearly $1.04 billion, up from about $851 million in 2022.

Crocs’ revenues in the fourth quarter of 2023 were $960 million, an increase of 1.6% from the same period in 2022.

Despite the sales bump, income from operations decreased 4.8% year over year to $210 million in the fourth quarter.

“We delivered a record year for Crocs Inc. capped off by a strong fourth quarter that exceeded expectations across all metrics.

Revenues of nearly $4 billion grew over 11% underpinned by industryleading operating margins and double-digit earnings per share growth.

Crocs Brand grew across all regions and channels, highlighting the power of our strategy and disciplined execution.

We made good progress in the fourth quarter towards returning our Heydude Brand to a pull-market position resulting in improved gross margins and healthy inventory levels exiting the year,” Crocs CEO Andrew Rees said in a prepared statement.

“We are starting off 2024 from a position of strength and taking the opportunity to reinvest into several key strategic areas as we continue to lay the foundation for durable market share gains.”

Looking ahead, Crocs is projecting full-year 2024 revenues to grow between 3% and 5%.

At the close of trading Thursday, Crocs stock price was $121.63.