Crocs’ shares climbed to a record high after the company said it expects its revenue to climb to more than $5 billion by 2026.
The company is forecasting annual growth of more than 17 percent over the next four years, and it is projected to see sales reach $2.27 billion this year.
Crocs has seen its sales surge this year following its collaboration with high-profile celebrities such as Justin Bieber and Bad Bunny. The company has also benefited from an increase in consumers’ demand for comfortable clothing, shoes and accessories since the start of the pandemic. Crocs shoes have even become popular among healthcare workers who are often required to work standing up for long hours.
This year alone, the company’s stock has improved by 140 percent. Its shares rose by 8.5 percent to $149.38 in New York trading yesterday, Bloomberg reported.
To keep up with increased demand, the company has had to move some of its manufacturing out of Vietnam, which has been dealing with closures due to the spread of the COVID-19 virus in the country. The company has also had to rely more on air freight to reduce shipping delays — a move that other players such as Adidas and Lululemon Athletica have also had made.