Record Revenue and Growth
Crocs, Inc. achieved $4.1 billion in total revenues for the full year of 2024, marking a 4% increase compared to the prior year. The Crocs Brand grew by 10%, with international growth at 19% and North America at 3%.
Strong Financial Performance
The company reported adjusted gross margins of 58.8%, a 230 basis point increase over the prior year, and an adjusted operating margin of 25.6%. Adjusted diluted EPS increased by 9% to $13.17.
Successful Debt Reduction and Share Buybacks
Crocs generated $923 million in free cash flow, allowing them to pay down $323 million in debt and repurchase approximately 4.3 million shares for $551 million.
HEYDUDE Brand Recovery
HEYDUDE Brand revenues stabilized, with the fourth quarter showing flat growth compared to the prior year and a 7% increase in the direct-to-consumer channel.
Strong Performance in China
China revenues grew 64% year-over-year, making it the second-largest market after the US. The growth was balanced, reflecting positive comp store sales, digital growth, and new store growth.