Headquartered in Niwot, CO,
Crocs Inc. ( is a leading specialty footwear retailer for men, women, and children. All Crocs shoes feature Croslite, a proprietary material that gives each pair of shoes a soft, comfortable, lightweight, non-marking, and odor-resistant quality that consumers know and love. CROX Quick Quote CROX - Free Report) Best Annual Sales Ever?
Last month, CROX said that it’s set to report its best annual sales ever, driven by increased demand for its footwear during the coronavirus pandemic.
The retailer announced that it now expects 2020 revenue to fall in the range of $1.381 billion and $1.384 billion, which would mark a 12% jump from 2019’s revenue at the high end. This would mark record sales growth for Crocs, and its best-ever in 18 years.
Previously, Crocs was anticipating revenue growth between 5% to 7%.
“Amidst a global pandemic in 2020, we will deliver the strongest revenue in Crocs' history. Our brand momentum is exceptional, and we anticipate another record year in 2021. We remain focused on continuing to deliver sustainable, profitable growth for years to come,” said CEO Andrew Rees.
The company also said that it expects Q4 sales to spike 55% year-over-year.
CROX Breaks Out
In the past one-year period, shares of CROX have surged an almost 100% compared to the S&P 500’s 18.6% increase. Earnings estimates have been rising too, and CROX is a Zacks Rank #1 (Strong Buy) right now.
For fiscal 2020, four analysts have revised their bottom-line estimate upwards in the last 60 days, and the Zacks Consensus Estimate has moved up 30 cents to $2.93 per share. Earnings are expected to grow 82% compared to the prior year period. Fiscal 2021 looks strong too, and earnings should see double-digit year-over-year growth as well.
CROX does report earnings at the end of February, so these estimate and growth figures could change.
Like many other retailers, the coronavirus pandemic took a toll on Crocs; its brick-and-mortar stores were forced to close earlier for some time last year (most have now reopened), and its supply chain has certainly been affected.
But, Crocs is seeing a record resurgence in demand, and more people are turning to its comfort-forward shoes, especially as working from home has now become the norm.
Even though the growth rates seen during the Covid-19 crisis have slowed down a bit, the retailer expects to resume pre-pandemic growth levels in 2021. It’s forecasting another major sales jump this year, with its top line growing 20% to 25%.
If you’re an investor searching for a retail stock to add to your portfolio, make sure to keep CROX on your shortlist.
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