Crocs stock is up 15% to $97.82 after the footwear brand reported first-quarter sales Tuesday.
Q1 2021 revenue beat expectations to reach $460.1 million, up 64% year-over-year. The company expects sales to increase another 40% to 50% this year.
“In the first quarter, we achieved record revenues and profitability, with growth in all regions and all channels,” said CEO Andrew Rees.
Founded in 2002, Crocs started out as a boating shoe, but the footwear, made of a patented material called Croslite (no, they’re not rubber), has evolved. In addition to collaborations with Justin Bieber, Post Malone, and more celebrities — the shoe has been widely embraced.
- Nicole McLaughlin, a designer and outdoor enthusiast focused on sustainable fashion, collaborated on hiking Crocs with a headlamp and compass.
- Crocs collaborated with Beams to create a shoe for fishing.
- Marathon runner Andrew Tiemann wears Crocs in races, including the 2019 Boston Marathon. (Try at your own risk.)
The Colorado-based company has shifted its sales tactics in recent years. This month, the shoemaker wrote to a number of retailers saying it would end their wholesale relationships. Last year, it began selling to athletic retailers Foot Locker and Finish Line.