Crocs, Inc. has reported record-breaking revenue and earnings per share for the fourth quarter of 2023 and the full year. The company’s forecast confirms revenue growth for the entire 2024 ranging from 3% to 5%. Crocs, Inc. (NASDAQ: CROX) is a global leader in innovative casual footwear for all.
Strong Financial Performance
With revenue nearly reaching $4 billion, Crocs achieved over 11% growth, driven by industry-leading operating profitability and double-digit earnings per share growth. The Crocs brand flourished across all regions and channels, showcasing the strength of its strategy and disciplined execution. In Q4, the company made significant progress in re-establishing the HEYDUDE brand’s market leadership, resulting in increased gross profit and stable inventory levels by year-end.
Elevate your investment strategy with ProfitsForce. Gain access to in-depth market analysis and expert insights to help you make better investment choices. Subscribe today!
Financial Highlights
Adjusted or Non-GAAP figures are metrics not conforming to GAAP and include adjustments detailed in the “Reconciliation of GAAP to Non-GAAP Measures” section. A reconciliation of these figures with their GAAP counterparts is provided in the tables below.
Quarterly revenue reached $960 million, up 1.6% compared to the same period last year, or 1.5% on a constant currency basis. Gross profit margin increased to 55.3% from 52.5% year-over-year. However, operating profit decreased by 4.8% to $210 million, with an operating margin decline to 21.8% from 23.3% in the same period last year. Diluted earnings per share amounted to $4.16 compared to $2.20 for the same period last year due to tax benefits.
Strategic Moves and Share Repurchases
During the quarter, debt repayments totaled $277 million, reducing gross leverage by 1.5 times and net leverage by 1.3 times. Crocs repurchased approximately 0.3 million shares for $25 million at an average share price of $86.34. Additionally, authorization was granted for $875 million in share repurchases for future buybacks.
Empower Your Investment Strategy with ProfitsForce
Interested in capitalizing on Crocs, Inc.’s strong financial performance? Explore ProfitsForce, our comprehensive investment platform, to analyze market trends and make informed investment decisions. Unlock the potential of the stock market with ProfitsForce.
Top 3 Dividend Stocks for Reliable Income
Top Stocks with Remarkable Growth in 2024
