Crocs shares soar as earnings crush estimates and the retailer hikes its full-year outlook
Footwear is offered for sale at a Crocs retail store on July 22, 2021 in Chicago, Illinois.
Scott Olson | Getty Images
Shares of Crocs jumped in extended trading Thursday after the retailer reported fiscal third-quarter earnings and revenue that exceeded analysts’ expectations, as demand for its shoes remained strong.
Crocs also raised it outlook for the full year, saying it has worked to minimize any impact from the global supply chain disruption.
Its stock was recently up more than 7%, having rallied more than 115% year to date. Shares had closed Wednesday down nearly 5%.
Here’s how Crocs did in the three-month period ended Sept. 30 compared with what analysts were anticipating, using a survey of analysts by Refinitiv:
Earnings per share: $2.47 adjusted vs. $1.88 expected Revenue: $626 million vs. $610 million expected
For the full year, Crocs now sees revenue growing between 62% and 65% from 2020 levels, compared with a prior range of 60% to 65%.
In fiscal 2022, it said sales should be up more than 20% year over year.
“Globally, our teams are managing through the supply chain disruptions to mitigate the impact on our business,” CEO Andrew Rees said in prepared remarks. “Despite the temporary disruptions, we expect 2022 revenues to grow … fueled by the strength of our brand and consumer demand globally.”
Find the full earnings press release from Crocs here.
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