What happened
Shares of Crocs (CROX 1.53%) were soaring 12% higher heading into midday trading Monday after the company reported its best annual sales ever due to heightened demand during the COVID-19 pandemic.
So what
The shoe company said it expects revenue for 2020 to come in between $1.381 billion and $1.384 billion, up 12% from 2019 at the high end, which would be the highest amount Crocs ever achieved in its 18-year history. It's also well above the 5% to 7% gain the company forecast at the end of the third quarter.
Image source: Crocs.
Now what
Crocs shoes are noted for their comfort, which appealed to consumers who spent more time at home during the pandemic. They have also been the favorite of healthcare workers, who are often required to be on their feet for hours at a stretch. Crocs donated 10,000 pairs of shoes a day to healthcare professionals at the start of the pandemic.
CEO Andrew Rees said in a statement:
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.
The shoemaker said fourth-quarter sales surged 55% year over year and is now forecasting revenue will grow 20% to 25% this year.
