Crocs, Inc. posted a 64% jump in quarterly revenues as it reaped the benefits of ‘lockdown chic’ trends during the pandemic.
The famous footwear is certainly a hit as Academy Awards’ musical director Questlove wore a golden pair on the Oscars red carpet earlier this week.
Questlove’s gold Crocs: pic.twitter.com/axtdjsKjJK
— BuzzFeed (@BuzzFeed) April 26, 2021
The manufacturer of plastic sandals said demand is stronger than ever with expected 2021 revenue growth of 40% to 50%.
“We have raised full year guidance as we continue to see consumer demand for our product accelerate globally,” said chief executive Andrew Rees.
“In the first quarter we achieved record revenues and profitability, with growth in all regions and all channels.”
Revenue in the second quarter is expected to climb 60-70% compared to last year.
In the three months to 31 March, revenue soared 64% to a record US$460mln and operating income increased five-fold to US$124mln, with operating margins of 27.1%.
Digital sales grew 75.3% to represent 32.3% of revenue versus 30.1% last year.
Cash and cash equivalents were US$255mln at period-end, compared to US$135mln at the end of December, with borrowings of US$341mln.