Crocs, Inc. Releases 2023 Comfort Report Detailing Efforts to Create a More Comfortable World for All

Rhea-AI Summary

Crocs released its 2023 Comfort Report, showcasing strides in sustainability, innovation, and community engagement. The report highlights the company's progress in three core areas: Comfort for the Planet, Comfort for Our Communities, and Comfort for All People.

In 2023, Crocs expanded its 'Old Crocs. New Life' takeback program, achieving a 6.1% carbon reduction for its Classic Clog since 2021. The company increased bio-circular content in Croslite™ to over 20%, a significant step towards its 2030 carbon reduction goal and 2040 Net Zero ambition.

Crocs also donated more than $12 million in funds and shoes, improved supply chain oversight, and enhanced inclusivity efforts. The company's strong financial performance in 2023 supports ongoing investments in innovation and sustainability while meeting customer expectations.

Positive

• Implementation of 'Old Crocs. New Life' program, expanding to all retail stores and online customers.
• Achieved over 20% bio-circular content in Croslite™ compound, exceeding set milestones.
• 6.1% reduction in the carbon footprint of the Classic Clog compared to the 2021 baseline.
• $12 million donated in funds and shoes to nonprofit partners.
• Continuous improvement in supply chain oversight and social compliance.
• Impressive top- and bottom-line growth in 2023.

Negative

• None listed.

Report provides updates on the enterprise's progress and milestones, including bio-circular materials innovation and end-of-life solutions that support progress toward its ambitions

BROOMFIELD, Colo., June 27, 2024 /PRNewswire/ -- Crocs, Inc. (NADSAQ: CROX), a global leader in innovative casual footwear for all, today published its 2023 Comfort Report, reflecting important progress, key milestones and activations surrounding the enterprise's commitment to Purpose, Corporate Responsibility and Sustainability.

Now in its third consecutive year of annual reporting, and in its second year as a multi-brand enterprise, Crocs, Inc. remains committed to its Purpose to Create a More Comfortable World for All. This annual report demonstrates how the enterprise continues building upon its guiding pillars of Comfort for the Planet, Comfort for Our Communities, and Comfort for All People through its action-oriented ambitions of Inclusivity, Climate Stability, Circularity, and Community.

In 2023, Crocs, Inc. successfully piloted a circular model of consumption through the 'Old Crocs. New Life' takeback program, giving a new life to shoes collected from consumers in any condition. This program has since been expanded to all retail stores and online customers in the continental United States in 2024.

The enterprise also continued to increase the amount of bio-circular, bio-based content in its Croslite™ compound. Since August 2023, Crocs, Inc. has exceeded a monthly average of 20% bio-circular content within its Croslite™ compound, achieving the milestone set out in 2022. The enterprise is starting to see the impacts from this initiative, driving a 6.1% reduction of the carbon footprint of its Classic Clog compared to 2021 baseline, which supports progress toward both its goal of 50% carbon reduction for the Classic Clog by 2030 and ambition of Net Zero by 2040.

"We are proud of the progress our teams made in 2023 in support of our Purpose strategy, both in making improvements and strengthening programs toward positive impact for people and planet," said Deanna Bratter, Vice President, Global Head of Sustainability, Crocs, Inc. "How we grow matters, and we recognize we have a responsibility to infuse our Purpose into everything we do so that we can continue to do good for our business, the planet, our communities and our employees."

In 2023, the enterprise developed a more focused strategy for how it uses its voice and resources to support nonprofit impact partners' efforts, donating more than $12 million in funds and shoes. Crocs, Inc. has also seen continuous improvement in supply chain oversight, advancing efforts in social compliance and sustainability. In addition, the enterprise refined its Inclusivity strategy to further support its 'Come As You Are' ethos across employee experience and marketing practices to support a more inclusive environment for both employees and fans. 

"Our teams achieved impressive top- and bottom-line growth in 2023 while continuing to move the needle on our Purpose," said Andrew Rees, Chief Executive Officer, Crocs, Inc. "In 2024, we plan to further align our successful business growth with greater positive impact for all our stakeholders."

To Create a More Comfortable World for All, enterprises like Crocs, Inc. must consider their environmental impacts and the well-being of the global communities and people they interact with. After another record-setting year for the business, Crocs, Inc. remains focused on sustainable and profitable growth that enables continued investment in innovation and consistent delivery of products that exceed customer and consumer expectations, while also doing good for people and the planet. 

To read the complete Crocs, Inc. 2023 Comfort Report and learn more about how the company is taking action to Create a More Comfortable World for All, visit investors.crocs.com/responsibility.

About Crocs, Inc.:
Crocs, Inc. (Nasdaq: CROX), headquartered in Broomfield, Colorado, is a world leader in innovative casual footwear for all, combining comfort and style with a value that consumers know and love. The Company's brands include Crocs and HEYDUDE, and its products are sold in more than 85 countries through wholesale and direct-to-consumer channels. For more information on Crocs, Inc. visit investors.crocs.com. To learn more about our brands, visit www.crocs.com or www.heydude.com. Individuals can also visit https://investors.crocs.com/news-and-events/ and follow both Crocs and HEYDUDE on their social platforms.

Forward Looking Statement:
This press release includes estimates, projections, and statements relating to our plans, commitments, objectives, and expectations that are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include, but are not limited to, statements regarding our expectations relating to ESG strategy, targets and goals, including net zero commitments, other company strategies, our value chain, our products and other environmental and social matters. These statements involve known and unknown risks, uncertainties, assumptions and other factors, which may cause our actual results, performance, or achievements to be materially different from any future results, performances, or achievements expressed or implied by the forward-looking statements. Should known or unknown risks or uncertainties materialize, or should underlying assumptions prove inaccurate, actual results could vary materially from past results and from those anticipated, estimated or projected. Please see the factors described in our most recent Annual Report on Form 10-K under the heading "Risk Factors" and our subsequent filings with the Securities and Exchange Commission. Readers are encouraged to review that section and all other disclosures appearing in our filings with the Securities and Exchange Commission.

All information in this press release speaks as of June 27, 2024. We do not undertake any obligation to update publicly any forward-looking statements, whether as a result of the receipt of new information, future events, or otherwise, except as required by applicable law.

PR Contact:
Melissa Layton, Crocs, Inc.
(303) 848-7885
Mlayton@crocs.com 

Investor Contact:
Erinn Murphy, Crocs, Inc.
(303) 848-7005
emurphy@crocs.com 

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SOURCE Crocs, Inc.

FAQ

What is the 'Old Crocs. New Life' takeback program?

The 'Old Crocs. New Life' program is a circular model of consumption where Crocs collects old shoes from consumers and gives them a new life. It expanded in 2024 to all retail stores and online customers in the continental U.S.

How much bio-circular content is in Crocs' Croslite™ compound?

Since August 2023, Crocs has exceeded a monthly average of 20% bio-circular content in its Croslite™ compound.

What were Crocs' carbon reduction achievements in 2023?

Crocs achieved a 6.1% reduction in the carbon footprint of its Classic Clog compared to the 2021 baseline.

What are Crocs' long-term environmental goals?

Crocs aims to achieve a 50% carbon reduction for the Classic Clog by 2030 and reach Net Zero by 2040.

How much did Crocs donate in 2023?

In 2023, Crocs donated more than $12 million in funds and shoes to nonprofit partners.

What steps has Crocs taken to improve supply chain oversight?

Crocs has continuously improved supply chain oversight, advancing efforts in social compliance and sustainability.

How did Crocs perform financially in 2023?

Crocs experienced impressive top- and bottom-line growth in 2023.