"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", commented Andrew Rees, Chief Executive Officer.

Quarter Results

Revenue in the period totaled 411.5 million US dollars, an increase of 56.5% from similar period last year, or 56.1% on a constant currency basis. E-commerce revenue grew by 92.0%, wholesale rose by 52.2%, and retail comparable store sales increased by 40.9%. Income from operations increased by 673.5% to 64.6 million US dollars (from 8.4 million US dollars) for the same period last year. Diluted earnings per share increased to 2.69 US dollars compared to 0.29 US dollars for the same period last year.

2020 Results

Revenue for the year totaled 1.4 billion US dollars, an increase of 12.6% from the same period last year, or 13.5% on a constant currency basis. E-commerce revenue grew by 58.2%, wholesale revenue rose by 5.6%, and retail comparable store sales grew by 21.2%. Income from operations increased by 66.4% to 214.1 million US dollars from 128.6 million US dollars last year. Diluted earnings per share increased by 174.7% to 4.56 US dollars compared to 1.66 US dollars last year.

Geographic

Revenue in the Americas totaled 863.6 million US dollars increased by 35.7% on a constant currency basis. Asia Pacific reported revenue of 278.5 million US dollars, decreasing by 19.2% on a constant currency basis. In the EMEA region, revenue of 243.7 million US dollars, increased by 1.5% on a constant currency basis.

Channel

Wholesale revenue increased by 5.6% to 692.9 million US dollars compared to 656.2 million US dollars for the same period last year. Retail revenue decreased by 3.8% to 334.0 million US dollars compared to 347.4 million US dollars for the same period last year due to COVID-19 store closures. E-commerce posted revenue increasing by 58.2% to 359.0 million compared to 227.0 million US dollars for the same period last year. Digital sales grew by 50.2% to 41.5% of total revenues versus 31.1% for the same period last year. Direct-to-consumer comparable sales grew 39.2% compared to 16.0% for the same period last year.

Financial Outlook

With respect to the first quarter of 2021, Crocs expects revenue growth to be between 40% and 50% compared to first quarter 2020 revenues of 281.2 million US dollars. Adjusted operating margin is expected to be between 17% and 18%. The outlook for the full year is that revenue growth to be between 20% and 25% compared to 2020 revenues of 1 386.0 million US dollars.