Crocs shares soared to an all-time high on Tuesday, goosed by an upbeat sales forecast as the coronavirus has led to an epidemic of people lounging around the house.
The famously ugly clogs — which have been called the “it” shoe of the pandemic — are on track to increase revenues by an eye-popping 50 percent this year, the company said on Tuesday.
The bold forecast sent shares of the Colorado-based company surging 15 percent to an all-time record close of $97.82.
Crocs sales skyrocketed 64 percent to $460 million in the quarter ended March 31 while profits were $98.4 million compared with $11.1 million a year ago, the company said. The Colorado-based company says sales in the second quarter are on track to increase by between 60 and 70 percent.
“”Demand for the Crocs brand is stronger than ever,” chief executive Andrew Rees said in a statement.
The brightly colored clogs have become a must-have during the pandemic because they are ideal for puttering around the house and for going on errands. But recent collaborations with celebrities suggest that Crocs have staying power.
In October, Justin Bieber unveiled the first designs of his collaboration with Crocs – limited edition yellow clogs priced at $59.99.
“I wear Crocs all the time, so designing my own pair came naturally,” Bieber said in a statement in October. “With these Crocs, I just focused on making something cool that I want to wear.”
Rapper Post Malone also inked a deal with the clog maker, dropping his fifth collaboration in December.