Crocs stocks soar on record revenue release
BROOMFIELD — Crocs Inc.’s (Nasdaq: CROX) stock price approached its 52-week high in early trading Thursday after the casual footwear maker reported record sales and earnings that surpassed Wall Street expectations for the fourth quarter of 2022.
Revenues for the period were $945.2 million, an increase of 61.1% over the fourth quarter of 2021.
Net income was about $138 million for the most recent quarter, down slightly year over year, but higher than the analysts’ consensus.
For the full 2022 fiscal year, revenues were a record $3.6 billion.
“We anticipate another record year in 2023 with growth expected to be led by sandals and international for the Crocs Brand and increased U.S. market penetration for Heydude,” Crocs CEO Andrew Rees said in a prepared statement.
Crocs is projecting 2023 “revenue growth of 10% to 13% compared to 2022, resulting in full-year revenues of approximately $3.9 billion to $4.0 billion at current currency rates.”
At just after 8:30 a.m. Thursday, Crocs’ stock price was nearing $137 per share, up more than 11% on the day.