Crocs Stock Jumps On Growth Outlook, $500M Buyback; Unveils New Bio-Based Material

  • Crocs Inc CROX CEO Andrew Rees said Crocs brand is expected to grow to over $5 billion in sales by 2026.
  • The company outlined a five-year growth framework to achieve $5 billion in revenues, representing a compound annual growth rate of over 17% using the midpoint of its 2021 guidance as the base year.
  • The company cited growing digital sales, gaining market share in sandals, capturing growth in Asia, and innovating in product and marketing as the key drivers of sales growth.
  • The company also expects at least 50% of total revenues to be derived from digital channels by the end of 2026.
  • Crocs intend to repurchase $500 million of shares in 2021 by the end of Q3.
  • Crocs also reiterated its full-year 2021 guidance provided in July.
  • Crocs said it has begun introducing a new bio-based Croslite material into its product lines. 
  • Price Action: CROX shares are trading higher by 10.47% at $152.14 on the last check Tuesday.
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