Crocs posts record sales in 2020

BROOMFIELD — Casual footwear maker Crocs Inc. (Nasdaq: CROX) had its best sales year ever in 2020, posting revenues of $1.4 billion last fiscal year.

The firm’s earnings per share doubled in 2020 to $3.22 as sales jumped 12.6% year-over-year, according to Crocs’ annual report filed with the U.S. Securities and Exchange Commission Tuesday.  

For Q4, revenues were $411.5 million, up 56.5% from the same period last year.

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Throughout the COVID-19 pandemic, Crocs has leaned on digital sales, which have more than made up for lost revenue due to retail shutdowns. Online sales were 50.2% in 2020 and represented 41.5% of revenue. Last year, e-commerce accounted for just 31.1% of sales.

“We achieved record fourth quarter revenues and profitability and finished 2020 with very strong brand momentum,” Crocs CEO Andrew Rees said in a prepared statement. “We are looking forward to an exceptional 2021 with accelerated revenue growth as we invest in digital, China, and our supply chain to support future growth. I am confident in our ability to continue to deliver outstanding profitability and strong cash flow. The Crocs brand has never been stronger, and I am very excited about our future.”

Looking ahead, Crocs is projecting Q1 2021 sales growth between 40% and 50% compared to first quarter 2020 revenues of $281.2 million.

For the full year, the company expects to top 2020’s results by 20% to 25%.

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