There's a New Billion-Dollar Shoe Brand in Town and This Market-Crushing Stock Owns It
One year ago, shoemaker Crocs (NASDAQ: CROX) completed its acquisition of fellow shoe company Heydude. At the time, management was promising that Heydude would generate revenue of $700 million to $750 million in 2022, and it hoped the brand would reach $1 billion in annual revenue by 2024.
Heydude is way ahead of schedule. It generated $986 million of pro forma revenue in 2022 (including the revenue generated in the weeks prior to the deal closing on Feb. 17). In other words, it's basically already a billion-dollar brand, and that's really good news for Crocs shareholders.
When Andrew Rees became CEO of Crocs in June 2017, his immediate focus was to improve the company's profit margins. His approach was multifaceted -- and it worked, as the chart below shows.
Source Fool.com
