Here at The Sole Supplier, we love Crocs. Even before the pandemic struck and our lives were put on halt, we were rocking those comfy clogs all day and all night. Over the past year, the Colorado-based footwear company has unveiled a slew of collaborations and even hired a former Nike executive to oversee the period of growth. All of this combined effort has resulted in a share price that's higher than ever.
In their latest earnings report, Crocs reported growth across every single category quarter of the year. Revenue increased by 64% to $460.1 million year on year, while digital sales shot up by 75.3%. In terms of direct-to-consumer sales, it grew by 93.3% (!) and wholesale climbed by over 50% over the same period. This has led to a 16% growth in share price which is truly staggering.
While you might be a little surprised by this rapid increase of growth, it's really not that shocking. Slides and clogs have been more popular than ever and competitors such as Kanye West's Yeezy Foam RNNR which people are paying up to £800 for.
As we head towards the end of the Covid-19 pandemic (fingers crossed), it's hard to predict whether or not this increase will continue. Let us know what you think of this, and in related news, the Palace Summer 2021 Collection features a Crocs collab and kawaii graphics!