By Christiana Sciaudone
Investing.com -- Crocs (NASDAQ:CROX) jumped 11% to a new high after reporting a third quarter of record sales and a strong and better-than-expected outlook.
First quarter revenue rose 64%, to $460 million, and even more impressive, per-share profit increased to $1.47 from 16 cents a year earlier. For the current quarter, sales are expected to increase as much as 70%.
"Demand for the Crocs brand is stronger than ever with expected 2021 revenue growth of 40% to 50%," Chief Executive Officer Andrew Rees said in a statement. "In the first quarter we achieved record revenues and profitability, with growth in all regions and all channels. We have raised full year guidance as we continue to see consumer demand for our product accelerate globally."
Shares have more than quintupled since the start of the pandemic in March 2020 as we tossed our heels aside in favor of comfort. Also, Justin Bieber released his second collaboration with the brand, so that was pretty exciting for the beliebers. Additionally, TikTok is helping popularize the new sandal version of the Croc.