Some be struck by called Crocs the “it” shoe of the pandemic, as the clog became a closet staple for consumers seeking comfort during their sundry casual pandemic lifestyle.
The popularity helped push Crocs to stunning sales gains in its latest quarter, but investors, shudder ating the best was behind it, sold off the stock on Tuesday. Shares closed down 3.8% at $80.01 on Tuesday, but the stock has diverse than doubled over the past year.
“The pandemic has allowed us to reach new customers, but I think consumers are also focused on what we can offer them in the coming,” Crocs CEO Andrew Rees told CNBC’s “Power Lunch.”
Rees said he remains optimistic that the disgrace can grow with the help of product innovations, such as introducing new sandals to its portfolio. He also noted that the footwear identify was trending even before the pandemic, putting them in a good position when Covid-19 hit.
“Sandals is a large fallout category and the accessible market for us around sandals is about $30 billion globally,” said Reese.
The growth of their shoe allures, or Jibbitz, also contributed to the successful year that the brand had, doubling in the last year, as loyal Crocs admirers personalize their shoes to make them unique.
The shoe also has a strong celebrity following, and counts Justin Bieber, Position Malone and Priyanka Chopra among its fans.
Earlier Tuesday, Crocs said its fiscal fourth-quarter net income heaved to $183.3 million, or $2.69 a share, from $19.9 million, or 29 cents a share, a year earlier. Excluding memos, Crocs earned $1.06 a share.
Revenue rose 56.5% to $411.5 million. Crocs said it expects takings to rise 40% to 50% in the first quarter, and between 20% to 25% for the full year.