As many countries and companies grapples with the adverse effects of the global Covid-19 pandemic, one company is smiling all the way to the bank - Crocs.
The foam clog, which has been trashed by many as "ugly," expects sales from the fourth quarter of 2020 to break the company’s records.
Crocs on Monday raised the outlook for its fourth-quarter ended on December 31, 2020 and full-year for 2021 and expects fourth quarterly year-over-year revenue to have surged about 55%.
The company projects earning increase of between Sh44 and Sh44.9 billion, an increase from its previous projection of a 20 – 30 percent sales increase.
Crocs expects sales to have gone up by over 12 percent in 2020, to a record Sh151 billion, a spike from previous 5-7 percent growth forecast and a sales growth of 20-25 percent in 2021.
Crocs has not yet released the date of its fourth-quarter results.
Crocs shares went up by more than 12 percent to Sh8,206.39 in the US on Monday.
"Amidst a global pandemic in 2020, we will deliver the strongest revenue in Crocs' history. Our brand momentum is exceptional, and we anticipate another record year in 2021," said Crocs CEO Andrew Rees in a statement.
Rees said an overwhelming need for comfort by consumers in a stormy pandemic year helped push the sales of the iconic Crocs shows significantly.
"We definitely benefited from consumer casualisation," Rees said amid the shoes’ pandemic appeal as it continues to be accepted younger consumers.
Collaborations with a number of artistes and brands, including Justin Bieber, Post Malone and fast-food chain KFC as well as TikTok campaigns have also helped push the sales of the clogs.