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Crocs stock rose Monday after the retailer raised its fourth quarter outlook and expects sales to accelerate up to 25% in 2021, building on the brand’s momentum over the holidays.
The retailer’s stock rose nearly 11% in premarket trading.
Prior to a presentation at the annual ICR conference, the shoemaker announced that fourth-quarter sales are expected to increase around 55% year over year and amount to $ 407-410 million. This is above the previous outlook from a jump from 20% to 30%.
Crocs expects full-year 2020 sales to grow more than 12% to a record high of around $ 1.38 billion, compared to an earlier range that predicted growth of 5% to 7%. In 2021, sales growth of 20% to 25% is required.
“Amid a global pandemic in 2020, we will have the highest sales in Crocs history,” said CEO Andrew Rees in a statement.
Crocs stock is up more than 53% in the past 12 months.
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