Crocs shares soar on raised gross sales outlook by 2021
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Crocs shares soared Monday after the retailer raised its outlook for the fourth quarter, 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 stock 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 sales to rise roughly 55% year over year, amounting to between $407 million and $410 million. That’s up from its prior outlook of a 20% to 30% jump.
Crocs said it expects 2020 full-year sales to grow more than 12% to a record of roughly $1.38 billion, up from a previous range calling for 5% to 7% growth. In 2021, it’s calling for revenue growth of 20% to 25%.
“Amidst a global pandemic in 2020, we will deliver the strongest revenue in Crocs’ history,” Chief Executive Andrew Rees said in a statement.
Crocs shares have risen more than 53% over the past 12 months.
See the full release from Crocs here.