Crocs (NASDAQ:CROX) 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 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,", CEO Andrew Rees said in a statement.
Crocs purports to be "a world leader in innovative casual footwear for women, men, and children, combining comfort and style with a value that consumers know and love. The vast majority of shoes within Crocs' collection contains Croslite™ material, a proprietary, molded footwear technology, delivering extraordinary comfort with each step."
Crocs shares have risen more than 53% over the past 12 months. They began trading Monday up $7.75, or 11.6%, to $74.53.
