On the heels of a record setting third quarter revenue total, casual footwear maker Crocs Inc. (Nasdaq: CROX) expects the firm’s full year 2020 results to be its best ever.
Crocs, in a filing Monday with the U.S. Securities and Exchange Commission, adjusted up its 2020 revenue guidance, indicating the firm expects revenue to grow more than 12%. In past disclosures, the company expected 5% to 7% growth for the year.
All told, Crocs expects to rack up sales between $1.381 billion and $1.384 billion for 2020.
For Q4 of 2020, Crocs projects it will post revenues between $407 million and $410 million. That’s up 55% year-over-year and beats the previous guidance range of 20% to 30% growth.
The fourth quarter guidance also tops the Q3 revenue total of $362.7 million, which beat Crocs’ previous quarterly sales record of $312.8 million from Q3 2019.
Looking ahead, Crocs is not expecting a sales slowdown in 2021. The company predicts it will achieve full year 2021 revenue growth of 20% to 25% compared to 2020.
“Amidst a global pandemic in 2020, we will deliver the strongest revenue in Crocs’ history,” Crocs CEO Andrew Rees said in the regulatory filing. “Our brand momentum is exceptional, and we anticipate another record year in 2021. We remain focused on continuing to deliver sustainable, profitable growth for years to come.”
Crocs’ adjusted guidance sent the stock price flying upward on Monday, closing trading at 74.97, up 12.26%.
The company, which several years ago saw sales plummet as the Crocs iconic clogs fell out of style, has seen its fortune shift wildly in recent quarters. Successful collaborations with popular celebrities such as Justin Bieber and Post Malone have highlighted the once derided clogs’ return to hip prominence.
© 2021 BizWest Media LLC