All Crocs articles – Page 3
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ArticleCrocs hikes guidance as Heydude outperforms
Crocs increased its full-year guidance after the recently acquired Heydude brand beat expectations in the first quarter of 2022. “Underlying momentum is exceptional for Heydude,” said Andrew Rees, Crocs’ chief executive officer in a conference call with financial analysts. The acquisition of the brand was completed on Feb. 17, and ...
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News briefs
Crocs releases 2021 ESG report
Crocs has released its 2021 environmental, social and governance (ESG) report, highlighting its efforts and plans to improve sustainability topics. As announced last year, the U.S footwear company plans to have become net zero and cut half of the emissions occurring during shoe production by 2030. Furthermore, Crocs wants to ...
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News briefsCrocs appoints Deanna Bratter as vice president and global head of sustainability
Following Crocs’ announcement of its ambitious sustainability strategy in July 2021, under which it aims to achieve a net-zero footprint by 2030 and become a more sustainable brand overall, the company has now announced that Deanna Bratter has joined the company as vice president and global head of sustainability. In ...
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News briefs
Crocs completes the acquisition of Heydude
Crocs completed the purchase of the privately-owned casual footwear brand Heydude on Feb. 17. The acquisition was funded by $2.05 billion in cash and 2,852,280 Crocs shares issued to Heydude’s founder. Heydude is expected to deliver annual revenues of $700 to $750 million, including the period of time prior ...
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ArticleCrocs targets $6 bn in sales in 2026
Crocs exceeded $2.3 billion in revenues last year and expects to reach a turnover of $6 billion in 2026, thanks to the takeover of Heydude and organic growth driven by its digital business. The U.S. footwear company posted a strong fourth quarter with an increase of 42.6 percent in sales ...
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News briefs
S&P has a negative credit outlook for Crocs
Having completed its review of Crocs following its $2.5 billion takeover of Hey Dude, Standard & Poor’s gave a negative outlook to the company, in contrast with the stable outlook assigned by Moody’s. S&P indicated that it might downgrade Crocs if it fails to integrate the casual footwear brand as ...
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News briefs
Crocs improves its 2021 sales guidance
Crocs expects to post record 2021 revenues with growth reaching 67 percent against 2020. This compares with a previous guidance of a 62-65 percent sales increase. The company also estimates adjusted operating margin of nearly 30 percent in the full year. It noted that share repurchases in 2021 reached $1 ...
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ArticleShoe industry marked by IPOs and takeovers in Q4
The footwear industry witnessed further extraordinary finance transactions during the fourth quarter as companies continue to take advantage of the abundant liquidity injected into the financial system by central banks worldwide to shore up the economy after the Covid-19 outbreak last year. Allbirds, the loss-making California-based producer of Wool Runner ...
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ArticleCrocs buys Heydude for $2.5bn
Crocs has entered into a definitive agreement to acquire Heydude, a privately-owned, high-growth casual footwear brand, for $2.5 billion. The U.S. footwear company, mostly known for its clogs, estimates that the acquisition will turn it into the second largest group of branded casual footwear, with forecast revenues approaching $4 billion ...
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News briefs
Crocs to provide resale-as-a-service with ThredUp
Crocs is launching a resale program with ThredUp’s Resale-as-a-Service (RaaS) platform. The program is called “Clean Out” and is likewise intended to help the brand achieve net-zero carbon emissions – in this case by 2030 – and establish a circular economy. Customers in the U.S. can go online and print ...
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News briefs
Crocs has two new SVPs
Crocs has hired Lori Foglia as senior vice president and chief product and merchandising officer. Foglia brings nearly 25 years of product, merchandising and retail experience to the company. She previously worked at Victoria’s Secret, where she spent nearly five years overseeing product merchandising for more than 1,000 stores, as ...
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ArticleCrocs posts an Ebit margin of over 32% on higher sales
Performing better than what analysts had estimated, Crocs reported a sales increase of 73.0 percent in the third quarter to a record level of $625.9 million, with a gain of 72.2 percent on a constant-currency basis. The company posted an exceptionally high operating margin of 32.2 percent, up from 19.9 ...
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ArticleFootwear stocks weaker in Q3 on profit-taking
Overall, the price of footwear stocks dropped in the third quarter of 2021 compared with the previous three months on profit-taking after the sector had enjoyed a strong rebound in the first half of the year with the re-opening of the economy, following the easing of Covid-19-related restrictions and the ...
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News briefs
Crocs is changing the material contents of its Classic Clog
In a quest to halve its carbon footprint and achieve net zero emissions by 2030, Crocs has begun using a bio-based material that it has trademarked under the name Croslite. The brand’s idea is to change not the design but the composition of its signature product, the Classic Clog. This ...
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ArticleCrocs wants to triple sales in five years
Crocs said it is targeting an operating margin of at least 26 percent on annual sales of $5 billion by 2026, with 50 percent of the turnover or more due to be generated through digital channels. This would compare with an adjusted operating margin of 18.9 percent in 2020 on ...
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News briefs
Crocs completes new $350m bond issue
Crocs said it completed on Aug. 10 the issuance and sale of $350 million worth of senior notes carrying annual interest of 4.125 percent and due to mature on Aug. 15, 2031. They will be used for share buybacks and general corporate purposes. The notes were purchased by several institutional ...
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ArticleCrocs raises guidance as Q2 revenues stride ahead
Crocs reported better-than-expected second-quarter sales and raised its full-year guidance on the back of strong global demand for its products, despite supply chain disruptions caused by the Covid-19 pandemic. Easily beating an analyst consensus forecast of $565.2 million, the company posted record revenues of $640.8 million for the three months ...
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News briefs
Crocs makes sustainability pledge
Crocs has pledged to have net zero carbon emissions by 2030, and to this end it will be increasing the sustainability of its materials, changing its packaging and investing in “resource use” and “product afterlife solutions.” The American brand is modifying the composition of its shoes’ main ingredient, Croslite, to ...
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News briefs
Crocs files lawsuits against 21 companies in the U.S.
Crocs has filed lawsuits in various U.S. District Courts against 21 companies alleging infringements of its registered trademarks. The company is seeking monetary damages for alleged violations of certain intellectual property relating to Crocs’ three-dimensional trademark rights. The defendants include Cape Robbin; Bijora; Dr. Leonard’s Healthcare; Crocsky; Fujian Huayuan Well ...
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News briefs
Crocs teams up with Gen.G and Minecraft for latest collection
Crocs has teamed up with Gen.G, the owner and operator of e-sports teams, to channel the release of its All Family Tie-Dye collection through a Minecraft build competition. On the dedicated Crocs World server, competitors receive a plot of “land” on which to create a structure to “showcase their personalities ...
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