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Crocs (CROX) +14% on strong 2021 revenue growth forecast
Crocs (CROX) traded at a 52-week high on Monday after the footwear maker raised its Q4 revenue outlook and forecast strong returns for 2021 amid “exceptional” momentum.
Crocs (CROX) surged 13.81% on Monday after the footwear maker said that its revenue growth could potentially double in 2021 on the back of what it perceives to be “exceptional” brand momentum.
Before markets opened for the week, Crocs estimated that Q4 revenue had soared approximately 55% to between $407m-$410m, which would be way ahead of the $329.8m Wall Street consensus.
Chief executive Andrew Rees said that the company, renowned for its foam clogs, is on track to deliver the best returns in its history, despite the challenges associated with the pandemic.
After a strong end to 2020, Crocs now expects revenue of up to $1.384bn for the full calendar year, which would represent a 12% increase on 2019.
The Colorado-based company is confident that its recent upswing will continue and help it to deliver revenue growth of up to 25% this year.
Rees added: “We remain focused on continuing to deliver sustainable, profitable growth for years to come.”
Crocs also impressed in its Q3 report as $0.91 earnings per share beat the consensus by 22 cents, while revenue jumped 16%.
After the revised upward sales outlook, CROX was trading much higher on the Nasdaq.
At around 12:30pm ET, Crocs had made gains of 12.60% as shares climbed to a new $75.07 price.
The latest rise caps a remarkable rebound for Crocs after it traded at a 52-week low of just $8.40 back in March 2020.
Office Depot (ODP) was also a big winner on Monday after rising 19% on news of its potential acquisition by Staples in a $2.1bn cash deal that could be agreed in March.
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