Crocs soar on raised sales outlook through 2021

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After the retailer raised its outlook for the fourth quarter, Crocs shares rose on Monday, saying it expected sales to pick up by 25% in 2021, building on the brand’s momentum during the holidays.

The retailer’s stock was up nearly 11% in primary trading.

The shoemaker said ahead of a presentation at the annual ICR conference, it is now calling for sales in the fourth quarter to grow by about 55% per year, amounting to $ 407 million and $ 410 million. This is above the prior approach of a 20% to 30% jump.

Crocs said it expects 2020 full-year sales to grow by more than 12% to a record $ 1.38 billion, a 5% to 7% increase from the previous range. In 2021, it is calling for revenue growth of 20% to 25%.

“In 2020 amid a global epidemic, we will deliver the strongest revenue in the history of Crocs,” Chief Executive Officer Andrew Rees said in a statement.

Crocs, once away from the fashion industry, has in recent years given up limited collaboration with celebrities, from Justin Bieber to Post Malone, which has led to the global trend of rubber footwear. It has expanded its footwear portfolio and even worked with big-name restaurant chains such as KFC. The brand has particularly benefited from being known for comfort during the Kovid epidemic.

Croke shares have gained more than 53% in the last 12 months.

Watch the full release from Crocs here.


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