On Monday, Crocs raised its outlook for the fourth quarter (ended December 31) and full-year outlook for 2021, now forecasting an increase in fourth quarter revenue year over year. about 55%, from 407 to 410 million dollars, up from its turnover. previous estimate of a 20% to 30% increase.
The company expects sales to grow by more than 12% in 2020, to a record $ 1.38 billion, up from its previous forecast of growth of around 5% at 7%. It also predicts sales growth of 20% to 25% in 2021. Crocs has yet to release a date for its fourth quarter results.
Investors applauded the news, raising Crocs (shares up more than 12% to $ 74.91 on the Nasdaq. )
“In the midst of a global pandemic in 2020, we will generate the highest revenues in Crocs history,” Crocs CEO Andrew Rees said in a statement. “The momentum of our brand is exceptional and we expect another record year in 2021.”
“We have certainly benefited from the insecurity of consumers,” Rees said, adding that the clogs are also easy to clean and disinfect, thus enhancing their appeal in times of a pandemic. Looking forward, he said value and convenience will continue to be important to buyers.
More and more young consumers have also turned to the brand during the pandemic, Rees said.
“They were younger, predominantly female consumers. It was a big engine of growth in North America. As the year progressed it expanded to include new, younger male consumers, ”he said.
A few quirky collaborations have also likely helped sell millennial Gen Zs and TikTok lovers on clogs. In 2020, Crocs partnered with a number of artists and brands, including Post Malone, Justin Bieber, and fast food chain KFC on special edition collections. Her glow-in-the-dark collaboration with Latin trap artist Bad Bunny quickly sold out after its launch in September.