Business
Crocs, Inc. Reports Record 2024 Results with Annual Revenues of $4.1 Billion, Growing 4% Over 2023
Full-Year 2024 Diluted EPS Up 24% to $15.88 and Adjusted Diluted EPS Up 9% to $13.17Expects 2025 To Be Another Year of Positive Revenue Growth for Crocs,
About this update from Crocs, Inc.
[{"type":"text","content":"Full-Year 2024 Diluted EPS Up 24% to $15.88 and Adjusted Diluted EPS Up 9% to $13.17Expects 2025 To Be Another Year of Positive Revenue Growth for Crocs, Inc., Led by the Crocs BrandUpsizes Share Repurchase Authorization by $1 Billion Resulting in Total Authorization Outstanding of Approximately $1.3 BillionBROOMFIELD, Colo., Feb. 13, 2025 /PRNewswire/ -- Crocs, Inc. (NASDAQ: CROX), a world leader in innovative casual footwear for all, today announced its fourth quarter and full year 2024 financial results.\n\"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 $990 million, which enabled us to return value to shareholders through more than $550 million in share repurchases, while fortifying our balance sheet through the pay down of approximately $320 million of debt,\" said Andrew Rees, Chief Executive Officer.\nMr. Rees continued, \"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.\"\n\"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.\"\nSusan Healy, Chief Financial Officer added, \"In 2024, we stepped up our investment in our brands while driving industry leading margins. We expect operating margin to be approximately 24.0% for 2025, and beyond this year, we are committed to maintaining an annual operating margin at or above this level. We believe that our continued investments in our brands and exceptional cash flow generation will support Crocs, Inc. for sustained growth and value creation over the long-term.\"\nAmounts referred to as \"Adjusted\" or \"Non-GAAP\" are Non-GAAP measures and include adjustments that are described under the heading \"Reconciliation of GAAP Measures to Non-GAAP Measures.\" A reconciliation of these amounts to the...