Crocs (NASDAQ:CROX) shares shot up Tuesday after the shoe maker increased its revenue outlook for the full year and reported record first-quarter sales.
CEO Andrew Rees said demand for the Crocs brand is “stronger than ever” across the world. Some have called Crocs the “it” shoe of the pandemic, as the clog became a closet staple for consumers seeking comfort at home. But it had seen momentum growing even prior, thanks to popular collaborations and limited-edition drops with celebrities including Justin Bieber, Post Malone and Priyanka Chopra.
Crocs’ first-quarter net income grew to $98.4 million, or $1.47 per share, compared with $11.1 million, or 16 cents per share, a year earlier. Excluding one-time adjustments, the company earned $1.49 a share, solidly outpacing the 89 cents that analysts were anticipating.
Revenues grew a whopping 64% to $460.1 million from $281.2 million a year earlier. That topped Street expectations for $415 million.
Crocs said its digital sales surged 75.3% to represent 32.3% of revenue, compared with 30.1% in the year-ago period.
For the second quarter, Crocs is now calling for sales to grow between 60% and 70% year over year. Analysts had been looking for growth of 39.2%.
For the year, it now expects sales to be up between 40% and 50%. In February, it had been guiding for revenue growth of 20% to 25%. Analysts had been calling for a 25% increase.
CROX shares leaped $9.28, or 10.9%, to $94.12