Croc Shares Jump After Record Sales

Crocs Inc. CROX,
The stock rose 3.8% in Thursday’s premarket trading after the shoe company reported record second-quarter sales. Net income was $319.0 million, or $4.93 per share, up from $56.6 million or 83 cents per share last year. Adjusted EPS of $2.23 exceeded the FactSet consensus by $1.59. Revenue was $640.8 million, nearly double last year’s $331.5 million and also ahead of the FactSet consensus of $567.0 million. For the third quarter, Crocs is targeting revenue growth between 60% and 70%. The FactSet consensus is $510.2 million, representing a 41.1% increase. And for the full year, Crocs forecasts sales growth between 60% and 65%. The FactSet consensus is $2.051 billion, suggesting a 47.9% increase. Crocs is also committed to achieving net zero emissions by 2030 by switching to sustainable ingredients in its products, reducing packaging and taking other measures. Crocs shares have skyrocketed 91.5% this year, while the S&P 500 index SPX,
rose 16% for the period.