By Margaret Jackson / NewsBreak Denver
(Broomfield, Colo.) Despite supply chain challenges, Broomfield-based Crocs Inc. expects its 2021 revenue will be up about 67% compared to 2020.
The company projects it will end 2021 with $2.31 billion in revenue, compared with the $1.38 billion it reported in 2020.
“We remain incredibly confident in the Crocs brand and continue to expect to achieve $5 billion in revenues by 2026, even before any Hey Dude revenues,” Crocs CEO Andrew Rees said.
“Building upon that strong foundation, upon closing, we are excited to add Hey Dude as another high-growth, highly profitable brand.”
Crocs announced in December that it would acquire Italian casual footwear brand Hey Dude for $2.5 billion in a cash-and-stock deal that’s expected to close by the end of the first quarter. Hey Dude makes comfortable shoes from men, women and children that sell for around $60.
Future growth
For 2022, Crocs expects revenue growth, excluding the Hey Dude brand, to exceed 20% compared to 2021. It’s projecting full-year, pro forma revenue for Hey Dude of up to $750 million.
For the new year, Crocs has launched its global Come As You Are campaign, declaring that expressing yourself and being comfortable are not mutually exclusive.
Since its inception in 2002, Crocs has sold more than 720 million pairs of shoes in more than 90 countries.
In December, the Broomfield-based casual footwear maker announced it would move its headquarters from its 90,000-square-foot location at 13601 Via Varra that was suitable for 450 employees to a 190,000-square-foot facility at 500 Eldorado Blvd., which can accommodate about 1,000 employees.
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