Specialty footwear company Crocs (CROX), fresh off its blockbuster collaboration with Justin Bieber, reported strong third-quarter earnings before Tuesday’s open. Crocs stock jumped.
Earnings: Analysts expected Crocs earnings to rise 19% to 68 cents a share, according to Zacks Investment Research. They saw revenue up 10% to $345.12 million, a 10% gain.
Results: Crocs earnings jumped to 94 cents a share, with revenue up nearly 16% to $361.7 million. Same-store sales rose 16.2%. Digital sales grew 35.5% and now total 37.7% of all revenue.
Outlook: The footwear maker sees Q4 revenue up 20%-30%.
Stock: Shares popped rose 4.9% to 54.82 in the stock market today. Crocs stock has been rising steadily since it posted fiscal Q2 earnings in July of $1.01 a share, a 71% bump from a year ago.
The stock is extended after climbing back from a steep drop immediately following a pandemic-related overall market decline in March. Before that, the stock was on a tear riding several quarters of earnings and revenue increases.
The relative strength line is at a nine-year high, reflecting Crocs stock’s outperformance vs. the S&P 500 index.
The foamy clogs seem to be a natural fit these days, as people are mostly stuck at home during the pandemic and lounging in comfortable clothes and footwear.
The co-branded Justin Bieber yellow clogs with eight jibbitz (charms) cost $60 and sold out in just 90 minutes on Oct. 13.
Crocs has partnered with other celebrities recently to widen its customer base. It teamed up with Latin Pop star Bad Bunny.
Those Crocs sold out in just 16 minutes, according to the New York Times. It also inked a deal with rapper Post Malone and country singer Luke Combs.