Crocs, Inc.: Initiation of Coverage – Revolutionizing Footwear with Personalization!

This is our first report on Crocs Inc., a company that is well known for its distinctive footwear products. The company had a robust year in 2023, setting records and establishing a position of strength as it entered 2024. For the full year of 2023, the company reported a 12% YoY increase in total revenues, reaching nearly $4 billion, primarily driven by 19% direct-to-consumer growth at the enterprise level. Crocs Brand revenues also surpassed the $3 billion mark, a 14% rise from the previous year, while its HEYDUDE brand achieved revenues of approximately $950 million, contributing over $200 million in operating income. Such success led to Crocs Inc. securing the #20 spot on Fortune’s 2023 list of top 100 fastest-growing companies.