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Crocs shares soared on Monday after the retailer raised its outlook for the fourth quarter and said it expects sales in 2021 to accelerate to 25%, based on the brand’s momentum over the holidays .
Retailer shares rose nearly 11% in premarket trading.
The shoe maker, before a presentation at ICR’s annual conference, said it now calls for fourth-quarter sales to increase by about 55% year-on-year, to $ 407 million to $ 410 million. This surpasses their previous prospects by a 20% to 30% jump.
Crocs said it expects full-year sales for 2020 to grow more than 12%, reaching a record of about $ 1.38 billion, compared to a previous range that called for 5% growth in the 7%. In 2021, it calls for revenue growth of 20% to 25%.
“In the midst of a global pandemic in 2020, we will get the strongest revenue in Crocs history,” chief executive Andrew Rees said in a statement.
Crocs shares have risen more than 53% in the last twelve months.
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