- Crocs (CROX) saw a 4.4% surge in its shares after announcing its highest yearly results driven by strong global demand for the brand. The Colorado-based company reported $945.2 million in revenues for Q4, representing a 61.1% YoY increase, and $3.6 billion in net revenue for the full fiscal year, a 53.7% increase from 2021. The Crocs brand revenue increased 19% to reach $2.7 billion, while the revenue for Hey Dude, which the company has owned for a year, reached almost $1 billion on a pro forma basis, surpassing initial expectations.
In the fourth quarter, Crocs reported selling 27 million pairs of shoes, a 20.8% increase from last year, at an average selling price of $23.95. For the full year, clogs comprised 77% of brand revenues, while sandals accounted for 12%, and Jibbitz grew 27% to become 8% of brand revenues.
Why it matters
Crocs have reclaimed a spot in the footwear world. The shoes have become a multigenerational footwear staple for many, and the brand has collaborated with a range of celebrities, including Post Malone and Justin Bieber. Crocs are also Amazon’s No. 1 best-selling shoe. Sales of the shoe skyrocketed during the pandemic. Especially as most of the world prioritized comfort over their typical style.