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.
Often branded as “ugly” by detractors, the divisive foam clogs saw a revival during the pandemic as shopper’s traded in heels and loafers for softer shoes. The brand has also collaborated with a number of high-profile celebrities. In September, the Crocs collaborated with Puerto Rican rapper Bad Bunny to release a glow-in-the-dark clog that sold out in 30 minutes. In October, the Crocs X Justin Bieber with drew collection sold out in just two days.