Andrew Rees, Crocs CEO, joins ‘Closing Bell’ to discuss consumer demand and supply chain. For access to live and exclusive video from CNBC subscribe to CNBC PRO:
Crocs said Monday it sees sales in 2021 climbing about 67% from 2020, more than it previously anticipated.
Crocs had been calling for full-year sales to be up 62% to 65%. Analysts were looking for 65% year-over-year growth, according to Refinitiv estimates.
“2021 proved to be an exceptional year for the Crocs brand … amidst a challenging global supply chain environment,” said Crocs Chief Executive Andrew Rees in a statement
The stock closed Monday down 2.5% at $122.60.
For the fourth quarter, Crocs said it sees sales rising 42%, better than the 36.6% growth that analysts had predicted.
The retailer didn’t provide an outlook for fourth-quarter earnings. Analysts were projecting Crocs would earn $1.39 a share on average.
And for 2022, Crocs reaffirmed expectations for revenue growth, excluding Hey Dude, to exceed 20%. Analysts are looking for a 32% increase from prior-year levels.
Crocs announced in December it planned to acquire privately held footwear label Hey Dude for $2.5 billion in a cash-and-stock deal. The transaction is expected to close in the first quarter.
Crocs is scheduled to present to analysts and investors on Tuesday at the ICR conference, which is being held virtually this year.
» Subscribe to CNBC TV:
» Subscribe to CNBC:
Turn to CNBC TV for the latest stock market news and analysis. From market futures to live price updates CNBC is the leader in business news worldwide.
The News with Shepard Smith is CNBC’s daily news podcast providing deep, non-partisan coverage and perspective on the day’s most important stories. Available to listen by 8:30pm ET / 5:30pm PT daily beginning September 30:
Connect with CNBC News Online
Get the latest news:
Follow CNBC on LinkedIn:
Follow CNBC News on Facebook:
Follow CNBC News on Twitter:
Follow CNBC News on Instagram: