Crocs Posts Record Second-Quarter Revenues Due to Strong Global Demand
Crocs (CROX) posted record revenue on Thursday, and its stock jumped more than 9% in premarket trade on better-than-expected second-quarter earnings.
The Colorado-based shoe business said in a statement to investors that its second-quarter profitability exceeded forecasts due to robust global demand, with revenue of $640.8 million. Revenue was expected to be $565.2 million in the beginning. In the same time span, revenue in the Americas increased by 135.6 percent.
The results were praised by CEO Andrew Rees, who stated that the brand “has never been stronger.”
“The Crocs brand continues to enjoy great consumer demand around the world. We are raising our full-year 2021 guidance as a consequence of record second-quarter results and ongoing momentum,” Rees added.
According to CNBC, the company’s net income increased to $319 million, or $4.93 per share, from the previous year.
During the epidemic, Crocs became a must-have shoe as workers relocated their offices to their homes, opting for more comfortable and easy-to-wear footwear as a result.
The earnings announcement coincided with the business’s announcement that it is taking steps to become a net-zero emissions company by 2030, through more sustainable ingredients, less packaging, and other activities.
“I am certain that we can achieve long-term, highly lucrative growth while also having a beneficial influence on our planet and communities,” added Rees.