Some people call Crocs the “it” shoe of the pandemic, because the wooden log has become a comfortable closet for consumers seeking a more casual pandemic lifestyle.
The rise in popularity prompted Crocs to achieve amazing sales growth in the most recent quarter, but investors are worried that the best performance will be sold on Tuesday. The stock closed down 3.8% on Tuesday to $80.01, but the stock has more than doubled in the past year.
Crocs CEO Andrew Rees stated in CNBC̵
Reese said he is still optimistic that brands can use product innovation (such as introducing new sandals into their product portfolio) to grow. He also pointed out that even before the pandemic, footwear brands were still developing, and they were in a good position when Covid-19 became popular.
Ritz said: “Sandals are a large product category, and the accessible market around sandals is approximately US$30 billion worldwide.”
The growth of their shoe charm (ie Jibbitz) has also contributed to the brand’s successful year, which doubled last year as loyal Crocs fans personalised their shoes to make them unique.
This shoe also has a high reputation, its fans include Justin Bieber (Justin Bieber), Post Malone (Post Malone) and Priyanka Chopra (Priyanka Chopra).
Crocs said earlier on Tuesday that its fourth-quarter net profit soared to $183.3 million, or $2.69 per share, from $19.9 million in the same period last year, or 29 cents per share. Excluding special items, Crocs earns $1.06 per share.
Revenue increased by 56.5% to 411.5 million US dollars. Crocs said it expects revenue to grow by 40% to 50% in the first quarter and 20% to 25% for the full year.