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Crocs shares rose on Monday after the retailer raised its outlook for the fourth quarter and said it expects sales in 2021 to accelerate to 25%, based on the brand’s momentum over the holidays.
The retailer’s shares increased by almost 11% in premarket trading.
The shoe manufacturer, before a presentation at the ICR Annual Conference, said it now calls for sales in the fourth quarter to increase by about 55% year-on-year, to between $ 407 million and $ 410 million. This exceeded its previous prospects of jumping from 20% to 30%.
Crocs said sales are expected to grow by more than 12% by 2020, to a record $ 1.38 billion, up from a previous 5% to 7% increase. . In 2021, it calls for an increase in revenue from 20% to 25%.
“In the midst of a global pandemic in 2020, we will provide the strongest revenue in Crocs’ history,” CEO Andrew Rees said in a statement.
Crocs, once shunned by the fashion industry, has given up in recent years limited collaborations with celebrities, from Justin Bieber to Post Malone, increasing the influence of rubber shoes globally. He expanded his footwear portfolio and even teamed up with renowned restaurant chains such as KFC. The brand benefited especially during the Covid pandemic from being known for its comfort.
Crocs shares have risen by more than 53% in the last 12 months.
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