Whether people think they are “ugly” or not, clearly, the Crocs company is bringing home the bank, as the shoe brand’s sales have increased by about 12 percent.
On Monday, Crocs raised its fourth-quarter outlook and full-year outlook for 2021, projecting fourth quarterly year-over-year revenue to have increased about 55 percent to between $407 and $410 million, reports By Parija Kavilanz of CNN Business. This is a 20 percent to 30 percent boost from its previous estimate.
Crocs predict sales to have increased over 12 percent last year, gaining them a record $1.38 billion, up from its previous forces of about 5 percent to 7 percent growth, Kavilanz writes. On top of that, the company believes it will get a sales growth of 20 percent and 25 percent in 2021. Shares for the company went up 12% to $74.91 on the Nasdaq, the outlet reports.
“Amidst a global pandemic in 2020, we will deliver the strongest revenue in Crocs’ history,” Crocs CEO Andrew Rees said in a statement. “Our brand momentum is exceptional, and we anticipate another record year in 2021.”
On Monday, Rees said the reason sales are going up is that consumers opt for more comfortable shoes during the pandemic. “We definitely benefited from consumer casualization,” said Rees. The shoes are reportedly easy to clean and are built for comfort, making them ideal for those staying at home or working the front line. Young America is also choosing Crocs in the midst of Rona.
“They were younger, predominantly female consumers. This was a big driver of growth in North America. As the year progressed, it broadened to new younger male consumers,” he said.