Crocs Q4 Earnings Top Estimates

Crocs Inc CROX reported fourth-quarter FY21 sales growth of 42.6% year-on-year, to $586.6 million, beating the analyst consensus of $585.02 million.
Wholesale revenue grew 40.3%, and Direct-to-consumer (DTC) sales increased 44.5% Y/Y.
Adjusted EPS of $2.15 beat the analyst consensus of $2.00.
The gross margin and the adjusted gross margin rose 770 basis points to 63.4% and 63.7%, respectively.
Selling, general and administrative expenses increased 28.9% to $212 million.
The operating margin was 27.3%, and the operating income more than doubled to $160 million.
The company held $213.2 million in cash and equivalents as of December 31, 2021.
"We are excited about our sustainable growth trajectory for both the Crocs and HEYDUDE brands and are confident in our plan to grow to $6 billion in revenues by 2026," said CEO Andrew Rees.
Related: Crocs To Acquire Footwear Brand HEYDUDE For $2.5B
Outlook: Crocs sees Q1 sales of $605 million - $630 million, below the consensus of $639.44 million. Excluding HEYDUDE, the company expects Crocs brand revenues of $520 million - $535 million, which implies organic growth of 13% - 16%. It sees a Q1 adjusted operating margin of about 22%.
For FY22, the company expects revenue growth for the Crocs brand, excluding HEYDUDE, to exceed 20% Y/Y. The company expects FY22 adjusted EPS of $9.70 - $10.25, against the consensus of $9.90.
Price Action: CROX shares are trading lower by 4.86% at $96.31 on the last check Wednesday.