Footwear giant Crocs, Inc CROX shares are trading after an updated Q4, 2023 outlook and solid preliminary 2024 guidance.
The company expects FY23 revenue of approximately $3.95 billion (consensus $3.93 billion), a growth of over 11% compared to 2022 and slightly above its guidance of 10%-11% growth.
Crocs Brand growth is expected to be over 13%, surpassing the $3 billion mark and HEYDUDE revenues of about $949 million.
The company sees Q4 FY23 revenue to grow 1% year-on-year, above its previous guidance of a decline of (4%) – (1%).
Crocs Brand is expected to increase about 10% in Q4 and HEYDUDE down (19%) and ahead of guidance.
CROX expects FY23 non-GAAP operating margin to now be in excess of 27%.
The company paid down approximately $277 million of net debt and repurchased $25 million in stock in the fourth quarter.
For FY24, the company expects preliminary growth of 3% – 5%, with 4% – 6% growth for the Crocs brand and flat to slightly up for HEYDUDE Brand.
In tandem with the press release, CROX announced on Form 8-K its plan to change segment reporting from four reportable segments to two with the filing of 2023 Form 10-K.
Price Action: CROX shares are trading higher by 9.65% at $94.80 in premarket on the last check Monday.
Photo via Company
Image and article originally from www.benzinga.com. Read the original article here.