A booming finish to the year has led Crocs Inc. to raise its outlook for the fiscal fourth quarter.
The clog maker announced today that it has upped its revenue guidance for the period ended Dec. 31 ahead of its presentation on Tuesday at the 2020 ICR Conference in Orlando, Fla. It now predicts sales to be between $260 and $262 million, up from the previous guidance range of $245 to $255 million and compared to Q4 2018’s $216 million.
“We delivered the strongest fourth quarter in Crocs’ history,” said president and CEO Andrew Rees. “Our positive brand momentum allowed us to deliver strong direct-to-consumer growth combined with excellent wholesale sell-through.”
During the third quarter reported Oct. 30, the Niwot, Colo.-based firm logged adjusted earnings per share of 57 cents, versus consensus bets of 40 cents. Revenues also jumped 19.8% to $312.8 million, compared with Wall Street’s expectations of $302.1 million.
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Despite store closures knocking roughly $4 million from the top line, Q3 comps climbed 12.5%, with wholesale revenues increasing 25.4% and e-commerce sales rising 28.2%.
For 2019, Crocs now anticipates sales gains of roughly 13% from the previous year’s $1.09 billion. It continues to expect 12% to 14% growth in 2020 over 2019’s revenues.
Over the past several years, the company has shuttered more than 150 stores; tapped buzzy A-listers such as Post Malone and Zooey Deschanel as ambassadors; and paired with big-name brands, celebrities and retailers on high-profile collaborations. It has also concentrated its efforts on its Classic clog, benefiting from the broader shift toward more casual and comfortable footwear as well as the “ugly shoe” look, which is trending right now.
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