BROOMFIELD — Iconic casual footwear brand Crocs Inc. (Nasdaq: CROX) told investors Monday that it expects to post record revenues of approximately $3.95 billion for the 2023 fiscal year.
News of that sales expectation, which would represent growth of 11% over the prior year, sent Crocs’ stock price soaring up more than 20% in early trading Monday.
“2023 was a strong year for Crocs Inc. that culminated in a successful holiday season with market share gains for both (the Crocs and Hey Dude) brands. Fourth-quarter revenue is now expected to exceed our former guidance and we are raising our operating margin target for the year. Our strong free-cash flow generation enabled us to pay down $277 million in net debt in the quarter, bringing our full-year debt pay down to $665 million,” Crocs CEO Andrew Rees said in a prepared statement. “We are coming into 2024 from a position of strength and are making the decision to reinvest our best-in-class margins into focused strategic investments as we continue to set ourselves up for long-term, durable growth.”
Looking ahead to 2024, Crocs is projecting sales growth of 3% to 5% for the full fiscal year.