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Crocs (CROX) +5% as comfy footwear trend drives sales growth
Clog maker Crocs (CROX) made gains on the Nasdaq on Thursday after easily beating earnings and revenue forecasts as sales of its products soared in Q2.
Crocs (CROX) traded 5% higher in the US on Thursday after crushing Q2 forecasts as its unique clogs and sandals proved to be popular with customers around the world.
For the latest three-month period to 30th June, Crocs delivered $2.23 earnings per share and $640.8m revenue, which easily beat the $1.60 and $565.2m Wall Street consensus.
Growing demand for comfortable footwear – a trend first evident during the pandemic – has continued this year and driven a healthy sales spike.
Crocs is now expecting revenue to soar by up to 70% year-over-year in Q3, and to rise by between 60% and 65% in 2021 as a whole.
CEO Andrew Rees said that impressive guidance comes despite ongoing COVID-19 challenges that could see some of its factories being shuttered in Vietnam.
He added: “We continue to see strong consumer demand for the Crocs brand globally.”
Digital sales were a high point again in Q2 despite retail returning to a degree of normality, with the latest 25.4% rise for the online channel meaning that it now accounts for 36.4% of all revenue.
It was sandals rather than clogs that were a key growth driver for Crocs, with the product seeing a 57% spike in sales in Q2 after rising 17% in the previous quarter.
CFO Anne Mehlman noted that a more favourable product mix was central to its 8% uptick in average selling prices.
Looking to the long term, Crocs is still set on becoming a net-zero carbon emission manufacturer by the end of the decade, while supporting sustainable, “highly profitable growth”.
Investors liked what they saw from the latest report as Crocs shares jumped 10% early on before settling at around +5% by midday for a new $125.36 price.
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