Crocs store in New York City.
Michael Brochstein | SOPA Images | LightRocket | Getty Images
Crocs shares shot up more than 8% Tuesday after the shoe maker increased its revenue outlook for the full year and reported record first-quarter sales.
CEO Andrew Rees said demand for the Crocs brand is “stronger than ever” across the world.
Here’s how the shoe maker did for its quarter ended March 31, compared with what analysts were anticipating, using data from a Refinitiv survey:
- Earnings per share: $1.49 adjusted vs. 89 cents expected
- Revenue: $460.1 million vs. $415 million expected
Crocs’ first-quarter net income grew to $98.4 million, or $1.47 per share, compared with $11.1 million, or 16 cents per share, a year earlier. Excluding one-time adjustments, the company earned $1.49 a share, solidly outpacing the 89 cents that analysts were anticipating, according to Refinitiv.
Revenues grew a whopping 64% to $460.1 million from $281.2 million a year earlier. That topped Street expectations for $415 million.
Crocs said its digital sales surged 75.3% to represent 32.3% of revenue, compared with 30.1% in the year-ago period.
For the second quarter, Crocs is now calling for sales to grow between 60% and 70% year over year.
For the year, it now expects sales to be up between 40% and 50%.
This story is developing. Please check back for updates.