Once considered a fashion faux-pas, sales of Crocs soared in the first three-months of the year, as the rubber shoe brand celebrated record demand from shoppers seeking comfortable footwear during the pandemic.
The company’s revenues climbed by 64% in the first quarter, reaching a record-breaking $460m (£331m), just days after a gold pair of Crocs appeared on the Oscars red carpet, sported by musician Questlove, the awards’ musical director.
“Demand for the Crocs brand is stronger than ever with expected 2021 revenue growth of 40% to 50%,” said Andrew Rees, Crocs’ chief executive, adding that the company was enjoying growth in all regions and through all sales channels, including 26% sales growth in Asia.
As a result, the company raised its profit guidance for 2021 as it predicted consumer demand would accelerate globally.
Crocs shares jumped by 17% on the bumper sales numbers, changing hands on Wall Street for $99 (£71) by lunchtime on Tuesday, well above their previous peak of about $74 at the height of Crocs’ popularity in 2007. In April last year, Crocs shares were worth about $20.