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Crocs shares soared Monday after the retailer raised its outlook for the fourth put up, and said it expects sales in 2021 to accelerate as much as 25%, building on the brand’s momentum during the holidays.
The retailer’s parentage was up nearly 11% in premarket trading.
The shoe maker, ahead of a presentation at the annual ICR Conference, said it’s now calling for fourth-quarter tradings to rise roughly 55% year over year, amounting to between $407 million and $410 million. That’s up from its till outlook of a 20% to 30% jump.
Crocs said it expects 2020 full-year sales to grow more than 12% to a single of roughly $1.38 billion, up from a previous range calling for 5% to 7% growth. In 2021, it’s calling for returns growth of 20% to 25%.
“Amidst a global pandemic in 2020, we will deliver the strongest revenue in Crocs’ history,” Chief Head honcho Andrew Rees said in a statement.
Crocs, once shunned by the fashion industry, has dropped limited collaborations with celebrities area from Justin Bieber to Post Malone in recent years, boosting the rubber shoe’s clout globally. It has amplified its footwear portfolio and even teamed up with big-name restaurant chains like KFC. The brand has especially benefitted during the Covid pandemic from being advised of for comfort.
Crocs shares have risen more than 53% over the past 12 months.
See the wide release from Crocs here.