Crocs Expects Annual Sales Growth Of 40% - 50% In 2021
It was reported on April 29 that Crocs, a maker of cave shoes, raised its revenue forecast for 2021. The release of limited co branded celebrity brands allowed the brand to see growth before the outbreak.
Crocs' revenue increased 64% in the first quarter of this year to $460 million, and online sales increased by 75.3%, accounting for 32.3% of total revenue. Direct to consumer sales increased 93.3% to $170.1 million. Wholesale revenue increased by 50.1% to $290 million.
Geographically, Crocs Americas regional revenue increased 87.5% to $276.4 million. Sales in Europe, the Middle East and Africa rose 41% to $101.1 million. Revenue in the Asia Pacific region increased by 20.1% to $82.6 million.
Crocs expects revenue to grow 60% to 70% in the second quarter and 40% to 50% in full fiscal year sales. At present, Crocs has 349 Direct stores, 165 of which are in America.
Looking ahead, Crocs will focus on strategic customers, including pioneer e-retailers, sporting goods, home footwear and specialty footwear retailers. "
Crocs said the company sees strong and sustained growth momentum in the Americas and long-term growth opportunities in Asia, the world's second largest footwear market. It continues to try new designs on its classic cavity shoes, including products for women. The company will also launch more sandals. Sales of sandals rose 17% in the first quarter.
Crocs shares have risen more than 260% in the past 12 months, making it one of the best performing retail stocks during the outbreak. The company has a market capitalization of $5.5 billion.
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