Results for "crocs"

Crocs, Inc. delivered stellar results for the fourth quarter and year ended December 31 but warned that $40 million of orders would shift from the first into the second quarter of the current year due to pandemic-related transit delays. Andrew Rees, Crocs’ CEO, told analysts, “I would say it’s a combination of delays in loading, delays in transit and delays unloading.”

At the ICR Conference 2022, Andrew Rees, Crocs’ CEO, took another stab at explaining the merits of its pending acquisition of Hey Dude, predicting the little-known casual footwear brand would reach $1 billion in sales by 2024, up from $580 million in 2021.

Shares of Crocs fell 11.6 percent last Thursday after the company announced plans to acquire casual shoemaker Hey Dude for a whopping $2.5 billion. On an analyst call, Crocs’ CEO Andrew Rees identified eight strategic advantages to the acquisition while analysts generally found more potential benefits than risks.

Crocs Inc. reported sales jumped 73 percent in the third quarter and predicted a robust holiday selling quarter. However, the comfy shoemaker warned that continued supply chain challenges, largely tied to pandemic-related factory shutdowns in Vietnam, will hold back revenue growth in the first half of 2022. Planned investments include $75 million in air freight ahead of the 2022 spring/summer selling season.

Piper Sandler’s 42nd Semi-Annual Gen-Z Fall Survey found athletic apparel and footwear continue to retain strong appeal among teens. Within apparel, Nike and Lululemon reached new highs in preference. Within footwear, while Nike reigned supreme, Converse and Crocs gained share whereas Vans declined.

Analysts issued largely bullish reports following Crocs unveiling a five-year plan at its Investor Day that calls for a nearly tripling of its sales, driven by major growth targets in digital, sandals and China.