Crocs jumps 12% after the foam shoe company posts record 1st-quarter revenue and raises 2021 outlook
Advertisement
Emily Graffeo
Apr 27, 2021, 21:10 IST
Hou Yu/China News Service/Getty Images
Shares of Crocs jumped as much as 12.98% Tuesday after the foam clog maker crushed first quarter earnings.
Crocs posted record revenue and raised its full year guidance on expectations of further demand throughout 2021.
The stock has gained nearly 333% in the last twelve months.
Advertisement
Shares of Crocs jumped as much as 12.89% in early morning trading Tuesday after the foam shoe company posted record first quarter revenue and raised guidance for 2021.
The stock price reached a record high Tuesday as it jumped to $95.78 after the market open. Crocs has now gained roughly 333% in the last twelve months as the pandemic increased customers' appetites for comfortable footwear.
The foam clog maker's revenue grew 63.6% in the first quarter to a record $460 million, beating the $415 million expected by analysts. Earnings per share came in at $1.49 per share, versus the 89 cents expected by analysts.
Crocs also increased its revenue outlook for the full year.
"Demand for the Crocs brand is stronger than ever with expected 2021 revenue growth of 40% to 50%. In the first quarter we achieved record revenues and profitability, with growth in all regions and all channels. We have raised full year guidance as we continue to see consumer demand for our product accelerate globally," said CEO Andrew Rees.
Additionally, digital sales grew 75.3% to represent 32.3% of revenue versus 30.1% last year and Asia achieved strong double-digit growth of 26.2%, or 20.1% on a constant currency basis.
NewsletterSIMPLY PUT - where we join the dots to inform and inspire you. Sign up for a weekly brief collating many news items into one untangled thought delivered straight to your mailbox.
GameStop jumps 7% after raising more than half a billion to speed up its e-commerce transformation
Tesla's earnings would have fallen short without EV tax credits and bitcoin sales, but this doesn't change the long term trajectory of the company, Loup Ventures' Gene Munster says
US stocks hold steady near record high as investors digest more earnings reports