Crocs Hits $1B in 10 Years

Crocs Hits $1B in 10 Years
The latest Crocs store design, introduced in November in the U.S.

$1 billion in ten years — that’s the milestone Crocs Inc. will cross next month.

The Niwot, Colo.-based firm announced Tuesday, ahead of the release of its fourth quarter results next month, that full-year revenue will surpass the $1 billion mark for the first time.

Investors snapped up Crocs’ stock upon hearing the news — sending the firm’s shares up nearly 17 percent Wednesday morning. Crocs had suffered a massive sell-off last October after it lowered its third quarter guidance to come in under analysts’ estimates.

The company now estimates that fourth quarter revenue will be at the high end of its prior guidance of $200 to $205 million, tipping fiscal 2011 sales over to a new high. Net sales at the firm were $790 million in fiscal 2010.

“As we begin our 10th anniversary year in 2012, everyone at Crocs can be proud of what we’ve achieved together, and we’re looking forward to the next 10 years,” said John McCarvel, Crocs president and CEO, in a statement.