Shares of Crocs (CROX) rose to 17% and hit a record high in intraday trading after investors ’day which gave Wall Street much to deepen. Shares closed at $ 149.38 per piece, up 11.66% on the day.
Crocs expects to earn more than $ 5 billion in 2026. It will also focus on expanding its reach in Asia and expanding its digital growth. The company is also boosting its sustainability efforts by announcing a new, low-carbon, bio-based material called Croslite ™, which it will introduce to its footwear line. The measure is an extension of the company’s commitment to achieving zero net emissions by 2030.
Crocs ’leadership expects the company to have a tight operating margin of 26% in the long run. The company also announced that it would set a new accelerated repurchase target of $ 500 million by the end of 2021.
Sam Poser of Williams Trading explains to Yahoo Finance that following the game plan and listening to consumers will serve the comfortable footwear company in the long run. “If these brands stick to their weapons and [don’t] bother me trying to expand the distribution too much and try to build and focus on your customers and innovate products and the way they come out in the market, I mean, [that] it almost works, as long as you’re really interesting to your customer, ”he said.
Reggie Wade is a Yahoo Finance writer. Follow him on Twitter at @ReggieWade.
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