On Monday, Crocs increased its outlook for the fourth quarter (ended December 31) and for the full year to 2021, now forecasting fourth quarter revenue year on year to have increased by about 55% to between $ 407 and $ 410 million, above its previous estimate of a 20% to 30% increase.
The company expects sales to have increased by more than 12% in 2020, to a record $ 1.38 billion, compared to its previous forecast of about 5% to 7% growth. He also anticipates sales growth of 20% to 25% in 2021. Crocs has not yet released the date for the fourth quarter results.
“In the midst of a global pandemic in 2020, we will deliver the strongest revenue in the history of Crocs,” said Crocs CEO Andrew Rees in a statement. “The momentum of our brand is exceptional and we foresee another record year in 2021.”
[Speaking at the annual ICR investor conference on Monday, Rees said consumers’ overwhelming need for comfort in a turbulent year helped drive strong sales of its iconic shoe.
“We definitely benefited from consumer casualization,” said Rees, adding that the clogs are also easy to clean and sanitize, thereby enhancing their pandemic-time appeal. Looking ahead, he said value and comfort will continue to be important for shoppers.
More younger consumers also gravitated to the brand during the pandemic, said Rees.
“They were younger, predominantly female consumers. This was a big driver of growth in North America. As the year progressed, it broadened to new younger male consumers,” he said.