Crocs is on track to report its best annual sales ever as the pandemic gives new life to its colourful clogs. The company's shares surged on Monday.
Revenue for 2020 will climb more than 12 per cent to about $1.4 billion, a record high, the company said in a statement. That’s well above Crocs’ earlier forecast for sales growth of no more than 7 per cent.
Crocs shares closed more than 12 per cent higher 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 to 25 per cent from the previous year.
“Our brand momentum is exceptional, and we anticipate another record year in 2021,” chief executive Andrew Rees said in the statement.