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The devil wears… Crocs?INTL

The devil wears… Crocs?

When was the last time you saw someone in a pair of Crocs (CROX)? Apparently, the foam clogs are making a resurgence. Last week, the shoe retailer reported its fiscal third quarter earnings with revenue coming in 73% higher than the same period last year.

The $626m in revenue beat analyst’s expectations of $610m, and earnings per share of $2.47 beat expectations of $1.88. The company’s impressive performance comes in spite of global supply chain issues. According to CEO Andrew Rees, “our teams are managing through the supply chain disruptions to mitigate the impact on our business.”

The good news doesn’t stop there. Rees expects sales to continue to grow by more than 20% next year, stating that “despite the temporary disruptions, we expect 2022 revenues to grow…fueled by the strength of our brand and consumer demand globally.”

why it matters

Shares of CROX have been on a tear. Since its March 2020 low, the stock is up more than 800%.