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Shares of Crocs rallied Monday after the retailer raised its fourth-quarter outlook, saying it expects sales to accelerate by a whopping 25% in 2021, building on the brand’s momentum over the holiday season.
The retailer’s stock rose nearly 11% in premarket trading.
The shoe maker, ahead of a presentation at the annual ICR conference, said it is now calling for a fourth-quarter revenue increase of about 55% year-on-year, which equates to between $ 407 million and $ 410 million. That is higher than the previous expectation of a jump from 20% to 30%.
Crocs said it expects full-year 2020 sales to grow more than 12% to a record high of about $ 1.38 billion, up from a previous run that required 5% to 7% growth. In 2021, it calls for revenue growth of 20% to 25%.
“Amid a global pandemic in 2020, we will generate the highest sales in Crocs history,” Chief Executive Andrew Rees said in a statement.
Shares of Crocs are up more than 53% in the last 12 months.
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