Crocs Inc CROX reported first-quarter earnings Tuesday morning. The strong results have propelled shares to 52-week highs and may have been helped by pop superstar Justin Bieber.
What Happened: First-quarter revenue of $460 million for Crocs was a quarterly record and up 64% year-over-year. The company’s operating income of $125 million in the first quarter was also a record.
Digital sales were up 75.3% year-over-year in the first quarter and represented 32.23% of the company’s revenue.
The strong first quarter followed up a record fourth quarter for revenue and profitability. The company had revenue of $1.4 billion in the last fiscal year.
Bieber Fever: In October, Crocs announced a collaboration with Justin Bieber for a limited-edition shoe called Crocs x Justin Bieber with Drew House.
In March, Crocs announced a second collaboration with Bieber for another limited-edition shoe that came with a pair of Drew House socks, which is Bieber’s clothing line.
“They’re comfortable, they’re fashionable and most importantly it’s fun to bring your own style to how you wear them. It’s been a blast bringing this latest collaboration with Crocs to life,” Bieber said.
The second collaboration came after a successful launch in October that saw strong demand and requests for more Bieber shoes.
The shoes went on sale March 16 worldwide at $69.99 and sold out in 90 minutes.
Bieber is one of several collaborators Crocs has worked with and seen strong results. Crocs has collaborated with recording artists Post Malone and Luke Combs. The apparel company has also partnered with Yum! Brands Inc.'s YUM KFC, Vera Bradley, Inc. VRA and Peeps.
Doing limited-edition drops and brand collaborations is something many apparel companies have done to see increased revenue and created more demand for products.
Shares of Crocs traded at $47.10 back on Oct. 7 when the Bieber collaboration was announced.
CROX Price Action: Shares of Crocs Inc are up 15.46% to $97.93 on Tuesday afternoon.
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