Crocs, Inc provides a long-term strategy for Sustainable, Profitable Growth
On Sept. 14, 2021, a World leader in casual footwear for women, men and children, the Company today hosted an event for the Chief Executive Officer, Andrew Rees, and other members of the Crocs leadership
"Our records show the development of the Crocs brand in 2014," said Andrew Rees, Chief Executive Officer. "Looking forward, we expect Crocs to grow to over 5 billion in sales by 2026. We are confident that we can deliver this growth while maintaining industry-leading profitability, creating significant shareholder value and having a positive impact on our planet and communities.
We outlined a five-year growth plan to achieve $5 billion in revenue, based on the company's 2021 guidance as the base year. Four key drivers for this growth are: digital sales, increasing market share in sandals
As we grow revenue, we expect high levels of profitability and cash flow by 2026. At present, non-GAAP operating margins will surpass 26% and free cash flows will exceed $1 billion.
"While COVID-19 and its impact on our manufacturing in Vietnam remains fluid, we are reaffirming our full year 2021 guidance provided in July and we're confident in our ability to achieve a 17% compound annual
Shares Repurchase activity is active.
We announced today that we expect to have repurchased $500.0 million of shares in 2021 by the end of the fiscal third quarter. In addition, we announced we will enter into an Accelerated Share Repurchase (ASR),
The Board of Directors approved an increase in our repurchase authorization so that $1.05 billion will remain available for future common stock stooges after the announced ASR is completed.
Introduction of new materials for bio-based CrosliteTM made available by Bio-Based Crosite.
We strive to be a positive influence on the global footwear industry and our planet by implementing transparent, socially conscious and sustainable business practices. Today we announced that, in our commitment to achieve net zero by 2030, we began introducing new bio-based materials like CrosliteTM to our iconic product lines. The company is aiming to reduce its carbon footprint by 50% by 2030 as part of its overall commitment to becoming a net zero brand.
Crocs is taking a stand by introducing bio-based Croslite and becoming 80% vegan by the end of 2021, and experimenting with sustainable alternatives for other elements of its packaging and working on ways to give the Cro Learn more about how Crocs takes action to create a more comfortable world.
Using a classy Clog footprint for July 2021 footprint of 3.94 kg CO2eq. as baseline. This metric was calculated using the Higg Product Module 1.0 at Hig.org. This calculation was conducted internally, was verified by 3rd party, and represents a cradle to grave impact.
Investor Day Resources
The event materials and replay will be available on the Investors Relations section of the Crocs website, investor.croc's.com.
About Crocs, Inc.
The vast majority of the shoes in Crocs' collection contain CrosliteTM material, a proprietary, made-up technology, giving unique comfort with each step.
In 2021, Crocs declares that expressing yourself and being comfortable aren't mutually exclusive. To learn more about Crocs or our global Come As You Are campaign, please visit www.croc.com or follow @Crocs on Facebook, Instagram and Twitter.
Forward looking Statements.
These press releases contain estimates, projections, and statements regarding our business plans, commitments and expectations, which are "forward-looking statements" in the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of 1933 These statements include, but not limited to, statements about potential impact of our business related to our commitment and ability to achieve net zero emissions by 2030, the COVID-19 pandemic, our financial condition, and the brand and liquidity outlook These statements involve known and unknown risks, uncertainties and other factors, which may make our actual results, performance or achievements materially different from future results or performance expressed or implied by the forward-looking statements. The COVID-19 pandemic and related government, private sector and individual consumer responsive actions; current global financial conditions, including impact of the COVD 19 pandemia, changing consumer preferences, leveraging our strategy to develop and sell Readers should review this section and all other disclosures listed in our filings with the Securities and Exchange Commission.
The date of this press release means that no information is in this document. We do not undertake any obligation to update publicly any forward-looking statements.
CROCS, INC. SUBSIDIARIES AND YES, WHICH / PUBSICS AND APRSS. RECONCILIATION OF GAAP MEASURES TO NON-GAAP meASures RENOVATED IN ANSICULAR MESURE RECOMMENDATION SYSTEM OF ACCESS RECORDS
We present future period guidance for "Non-GAAP adjusted operating margin" and "Free Cash Flow" for the non-AAP-based financial measures based on accounting principles generally accepted in the United States of America. As a general sum of GAAP revenue, the net profit from operations is divided by GAPA revenue. The Flow of free cash is defined as a GAAP cash provided by operating activities less Purchases of property, equipment and software.
Some of the non-GAAP financial measures exclude or otherwise have been adjusted for special items from our U.S. GAAP statements, such as inventory write-offs, duplicate rent costs, bad debt expense. These items are often considered non-recurring, and necessary adjustments are sometimes considered necessary to evaluate our business performance. Without reasonable efforts, we can't compare these above described 2026E guidance measures to their closest US GAAP measures without any unreasonable efforts because we cannot predict the actual impact of the special and other non-core items with a reasonable degree Due to their nature, special and other non-core items are difficult to anticipate with precision because they generally involve unexpected and unplanned events that impact our company and its financial results. We can't reconcile these measures, therefore.
Management uses non-GAAP results to evaluate the business trends from time to time by comparing it on a consistent basis in communications with the board of directors, stockholders, analysts and investors about our financial performance. We believe these non-GAAP measures are useful for investors and other users of our condensed consolidated financial statements as an additional tool for evaluating operating performance and trends. Investors shouldn't consider these non-GAAP measures as an aside from, or as substitute for, financial information prepared according to GAAP.
Investor Contact Contact:
Cori Lin, Crocs, Inc.
Melissa Layton, Crocs, Inc.
SOURCE Crocs, Inc.
www.crocs.com www - www-crocass-syst.