The shares of Crocs Inc. (CROX), the American shoe company, gained 15.3% on April 27. Its share price was $97.82. This growth was partly due to the CROX stock reporting record sales for the first quarter and raising its revenue forecast for the entire 2021 fiscal year.
The first quarter of the year saw a growth of 63.6% in Crocs’ revenue compared with the same period in 2020, totaling $ 460.1 million. This result represents one of the most significant ever achieved by the CROX stock. Sales online rose 75.3%, to an increase of 32.3% in total revenue, and the share of online sales increased from 30.1% to 32.3%.
During the period, earnings per share increased from $ 0.16 to $ 1.47, while net income nearly doubled to $ 984 million. Except for one-off adjustments, the CROX stock delivered $ 1.49 per share, far surpassing Refinitiv’s call of $ 0.89.
The management expects Crocs Inc. to post revenues of $331 million in the second quarter, an increase of 60-70% year-on-year. According to Refinitiv analysts, the average increase was 39.2%.
For the full year, the CROX stock intends to increase revenue by 40%-50%. In February, the CROX stock forecasted a 20%-25% increase, while the Refinitiv consensus expects a 25% increase.
It was founded in 2002, and Crocs originally produced sailing and yachting shoes. A patented Croslite polymer material is now being used to create comfortable clogs. With 349 stores, including 165 in the Americas, Crocs has quickly become one of the world’s most popular brands.
According to Crocs CEO Andrew Rees, the Crocs brand is “stronger than ever” worldwide, as he stated in a press release introducing quarterly results.
Even before the spread of the COVID-19 epidemic, sales of the CROX stock increased thanks to celebrity endorsements such as pop singer Justin Bieber, singer Post Malone, and actress Priyanka Chopra.
Crocs Inc. (CROX) shares are up 0.49% at $98.3 at last check-in aftermarket trading. CROX stock closed at $97.82 on Monday, an increase of $12.98, or 15.30%. Throughout the day, shares fluctuated between $92.13 and $101.00. During the last five years, its daily volume has averaged 1.24 million and, for the past year, had averaged 1.18 million shares.
Crocs Inc. (CROX) has increased 316.26% in the past 12 months, and in the last week, it has risen 30.31%. For the previous six months, the stock has soared by 86.15%, and for the last three months, the stock has gone up by 35.41%. The stock has increased in value by 56.11% this year, while its P/E stands at 21.36.