Crocs never really went out of style and have only gone from strength to strength. Last Thursday the iconic shoe brand reported record sales of $640m USD in just three months finishing on June 30. Nearly double the sales from the same time frame in 2020. There is still a strong demand for the sustainable shoe globally. Crocs are one of the most sustainable shoes as the off cuts can actually be reused into making more crocs.
Its net income before tax grew to $190.5m between April and the end of June from a previous $54.7m.
Crocs forecasted in April that it would have up to 50 percent increase in sales, now its chief executive, Andrew Rees, expects revenue for 2021 to rise by as much as 65 percent.
Attributing the boost in sales to consumers staying at home due to the pandemic, the Colorado-based firm said on Thursday that digital sales were up 25.4 percent and make up more than a third of total sales. Celebrities and influencers alike are using TikTok to boast their Crocs in the #CrocsChallenge.
Knockoff versions of the iconic Croc has boomed again with last month the brand filing 21 lawsuits against retailers including Walmart.
Now the only worry is keeping up with demand after one of its largest manufacturing sites in Vietnam may be temporarily closed. Crocs is setting its sights on Asia where it sees there to be the largest long-term growth opportunity.
