{"id":122806,"date":"2021-04-27T16:58:03","date_gmt":"2021-04-27T16:58:03","guid":{"rendered":"https:\/\/precoinnews.com\/?p=122806"},"modified":"2021-04-27T16:58:03","modified_gmt":"2021-04-27T16:58:03","slug":"crocs-shares-hit-all-time-high-as-pandemic-fuels-torrid-demand","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/economy\/crocs-shares-hit-all-time-high-as-pandemic-fuels-torrid-demand\/","title":{"rendered":"Crocs shares hit all-time high as pandemic fuels torrid demand"},"content":{"rendered":"
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Crocs shares soared to an all-time high on Tuesday, goosed by an upbeat sales forecast as the coronavirus has led to an epidemic of people lounging around the house.<\/p>\n
The famously ugly clogs — which have been called the “it” shoe of the pandemic — are on track to increase revenues by an eye-popping 50 percent this year, the company said on Tuesday. <\/p>\n
The bold forecast sent shares of the Colorado-based company surging nearly 14 percent to an all-time record of $96.60 in early trading.<\/p>\n
Crocs sales skyrocketed 64 percent to $460 million in the quarter ended March 31 while profits were $98.4 million compared with $11.1 million a year ago, the company said. The Colorado-based company says sales in the second quarter are on track to increase by between 60 and 70 percent.<\/p>\n
\u201c”Demand for the Crocs brand is stronger than ever,\u201d chief executive Andrew Rees said in a statement.<\/p>\n
<\/p>\n
The brightly colored clogs have become a must-have during the pandemic because they are ideal for puttering around the house and for going on errands. But recent collaborations with celebrities suggest that Crocs have staying power.<\/p>\n
In October, Justin Bieber unveiled the first designs of his collaboration with Crocs – limited edition yellow clogs priced at $59.99. <\/p>\n
\u201cI wear Crocs all the time, so designing my own pair came naturally,\u201d Bieber said in a statement in October. \u201cWith these Crocs, I just focused on making something cool that I want to wear.\u201d<\/p>\n
Rapper Post Malone also inked a deal with the clog maker, dropping his fifth collaboration in December.<\/p>\n