Crocs Inc.’s winning streak isn’t over yet.
The footwear company announced Thursday that its revenue grew 4 percent year over year to $4.1 billion in 2024, boosted by gains in China and North America.
Sales at its Crocs brand rose 4.1 percent in the fourth quarter compared to the prior year, while sales at HeyDude, the casual loafer brand it acquired in 2022, were flat, beating the drop of up to 6 percent the company had expected. Notably, HeyDude’s direct-to-consumer sales grew by 7.2 percent to $133 million, a sign that the firm’s plan to turn the brand around is beginning to bear fruit.
After surging through the pandemic, Crocs Inc. had begun to see its growth slow due to poor performance at HeyDude. But a strategy to tap a young female consumer base by naming “Euphoria” actress Sydney Sweeney as an ambassador, as well as streamline the brand’s inventory after consecutive quarters of declines is proving to be viable.
“In 2024, we stepped up our investment in our brands while driving industry leading margins,” chief financial officer Susan Healy said in a statement.
The company posted net income of $368.9 million, up from $253.6 million the prior year.
In 2025, Crocs Inc. expects full-year revenue to grow between 2 percent and 2.5 percent, though it anticipates first-quarter revenue will be down 3.5 percent. The company noted that foreign currency and tariffs will likely impact margins.
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Will HeyDude Trip Up Crocs’ Winning Streak?
With the company’s signature clogs seeing slower growth, turning around the struggling maker of casual, sneaker-like loafers is a priority — and Sydney Sweeney has been enlisted to help.