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Global footwear brand Crocs has reported record revenues of $4.1bn (£3.2bn), an increase of 3.5%, during the year ended 31 December 2024.
The performance was aided by a strong fourth quarter which saw consolidated revenues of $990m (£786m), an increase of 3.1%, or 3.8% on a constant currency basis.
Direct-to-consumer (DTC) revenues grew 5.5%, or 6.1% on a constant currency basis, while wholesale revenues contracted 0.2%, or grew 0.7% on a constant currency basis. Looking across the year, Crocs added that DTC revenues increased 7.2%, or 7.8% on a constant currency basis. Wholesale revenues also grew 0.2%, or 1.1% on a constant currency basis.
Meanwhile, gross margin was 58.8% compared with 55.8%. Adjusted gross margin improved 230 basis points to 58.8% compared to 56.5%.
As such, the company announced adjusted diluted earnings per share of $13.17 (£10.46) an increase of 9.5% from $12.03 (£9.55) the previous year.
CEO Andrew Rees said: “We delivered another record year for Crocs, Inc. highlighted by revenue growth of 4% to $4.1 billion and adjusted earnings-per-share growth of 9%. We generated exceptional operating cash flow of approximately $990m, which enabled us to return value to shareholders through more than $550m in share repurchases, while fortifying our balance sheet through the pay down of approximately $320m of debt.
“Our fourth quarter performance exceeded expectations across all metrics led by Crocs Brand growth of 4%, as the North American business outperformed our plan and China growth accelerated from the third quarter. HEYDUDE revenue was flat to last year, higher than anticipated as direct-to-consumer sales inflected to growth.”
He added: “For 2025, we are expecting another year of revenue growth, led by mid-single digit growth in the Crocs Brand. We are pleased by the early signs of progress we made for HEYDUDE during the fourth quarter and are taking a prudent approach to how we shape 2025 guidance for HEYDUDE as we focus on reigniting the brand.”
