Crocs Inc. is on track to report its best annual sales ever as the pandemic gives new life to its colorful clogs. The shares surged.
Revenue for 2020 will climb more than 12 per cent to about US$1.4 billion, a record high, the company said Monday in a statement. That’s well above Crocs’ earlier forecast for sales growth of no more than 7 per cent.
Crocs shares jumped as much as 11 per cent in New York trading. The stock has been on a four-year winning streak and gained 50 per cent in 2020.
The company’s eponymous product are popular for their comfort -- although some dislike the appearance and argue they shouldn’t be used outside of the home. As such, they appear to be built for Covid-19 and its lengthy periods of self-quarantine. The company has also expanded its footwear to include sleeker designs.
Crocs sees 2021 revenue growing 20 per cent to 25 per cent from the previous year.
“Our brand momentum is exceptional, and we anticipate another record year in 2021,” Chief Executive Officer Andrew Rees said in the statement.
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