A surge in demand for Crocs was matched a stampede for the company’s shares yesterday.The foam footwear maker reported a sharp increase in sales rising 63.6 per cent to $460 million in the first
Brenton Blanchet09:17, Apr 29 2021
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Crocs has reported record first-quarter sales, thanks in part to the pandemic.
If you’ve suddenly had the urge to buy a pair of Crocs during the pandemic, you’re not alone. The company reported record first-quarter sales, with its shares soaring more than 16 percent Tuesday, per CNBC. CEO Andrew Rees said the global demand for the Colorado company’s unique brand of footwear is “stronger than ever,” with shoppers seeking a little extra comfort while staying at home. The clog brand’s collabs with Justin Bieber, Post Malone and Priyanka Chopra–and maybe even Questlove rocking some golden ones at the Oscars this past weekend– have certainly helped the brand reach new heights.
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They are the fashion phenomenon that no one admits to wearing.
Yet Crocs sales have again soared as the so-called ugly footwear made another comeback during the coronavirus pandemic.
The Academy Awards musical director Questlove sent fashion directors quaking when he wore a gold pair on the red carpet on Sunday.
And the US-based shoemaker yesterday reported record sales for the first three months of the year with a rise of 64 per cent to £331million ($460million).
Worldwide pre-tax profit grew to £88.2million ($122.5m) between January and March from a previous £13.5million ($18.7million).
Demand is up as far as 210 per cent, according to The Sole Supplier.
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