Crocs, Inc. Reports Record Annual Revenue of $1.4 billion, Up 13%

About this update from Crocs, Inc.

[{"type":"text","content":"Full Year Diluted EPS was $4.56 and Adjusted EPS Doubled to $3.22\n\n\nBROOMFIELD, Colo., Feb. 23, 2021 /PRNewswire/ -- Crocs, Inc. (NASDAQ: CROX) a world leader in innovative casual footwear for women, men, and children, today announced its fourth quarter and full year 2020 financial results.\nAndrew Rees, Chief Executive Officer, said, \"We achieved record fourth quarter revenues and profitability and finished 2020 with very strong brand momentum. 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.\"\nAmounts referred to as \"Adjusted\" 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 their GAAP counterparts are contained in the schedules below.\nFourth Quarter and Full Year 2020 Highlights\nHighest quarterly revenues in company history were achieved in the fourth quarter. Record 2020 revenues of $1.4 billion increased 12.6% over last year. Digital sales, which includes sales through our company-owned website, third party marketplaces, and e-tailers, grew 50.2% in 2020 to represent 41.5% of revenue versus 31.1% last year with growth in all regions. Direct-to-consumer comparable sales, which includes retail and e-commerce, increased 39.2% in 2020. 2020 operating margin rose from 10.5% to 15.4% and adjusted operating margin grew from 11.6% to 18.9%. Full year diluted EPS was $4.56 per share. On a non-GAAP basis, diluted EPS doubled to $3.22.Fourth Quarter 2020 Operating Results \nRevenues were $411.5 million, an increase of 56.5% from the same period last year, or 56.1% on a constant currency basis. E-commerce revenues grew 92.0%, wholesale revenues rose 52.2%, and retail comparable store sales increased 40.9%. Gross margin of 55.7% increased 770 basis points compared to 48.0% in the same period last year. Adjusted gross margin of 56.0% rose 670 basis points from the same period last year. SG&A expenses of $164.5 million increased from $117.9 million in the same period last year and SG&A as a percent of revenues improved ...

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