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Croc Shares Surge After Reporting Record Q1 Revenue

Sam Boughedda
Sam Boughedda trader
Updated 27 Apr 2021

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Croc (NASDAQ: CROX) shares have jumped on Tuesday after the footwear brand reported a 63.6% jump in revenue to $460.1 million, benefitting from the coronavirus enforced lockdowns.

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The innovative casual footwear company’s CEO, Andrew Rees, said that “demand for the Crocs brand is stronger than ever with expected 2021 revenue growth of 40% to 50%.”

“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,” Rees added.

Revenue for the second quarter is expected to grow between 60% and 70% compared to Q2 2020.

In Q1 of this year, operating income increased to $124.7 million from $20.8 million last year, and operating margins expanded significantly to 27.1% versus 7.4% in 2020.

Diluted earnings per share were $1.47 compared to $0.16 for the same period last year. Digital sales increased 75.3%, representing 32.3% of Croc’s overall revenue.

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Source: IG

Cash and cash equivalents were $255.9 million as of March 31, 2021, compared to $135.8 million as of December 31, 2020. For the full year 2021, the company expects revenue growth between 40% and 50% compared to 2020.

Croc shares have surged following the earnings report, currently trading 18% above Monday’s close at $100.80.

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Sam Boughedda
Sam is a trader and lead stock market writer at AskTraders. After starting his career in the forex market, Sam now focuses on stocks, specifically consumer staples.