Crocs shares surge as clog maker posts another record-breaking quarter
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Crocs shares surged more than 10 percent on Thursday after the clog maker reported another record-setting quarter.
The company’s clunky-yet-comfy shoes, previously known for being popular among chefs and medical professionals, have become a pandemic staple as consumers putter around the house in their sweats.
Crocs’ sales soared by 93 percent to $640 million and profits grew to $319 million as of June 30, up more than fivefold from $57 million a year ago.
The Colorado-based company also raised its full-year guidance for the year, forecasting revenue growth between 60 and 65 percent.
“We continue to see strong consumer demand for the Crocs brand globally,” chief executive Andrew Rees, said in a statement. “We are also committing to net zero emissions by 2030, enabling us to provide ‘comfort without carbon’ to our customers worldwide. I believe we can deliver sustained, highly profitable growth while having a positive impact on our planet and our communities.”
As its popularity climbs, so too have the number of copycats.
Earlier this month, the company said it was cracking down on 21 companies that had infringed on its trademarks and were selling counterfeit versions of its brightly colored clogs at Walmart, Hobby Lobby Stores among other retailers.
And it’s 15-year trademark battle with lookalike competitor, Dawgs, continues, according to Susan Scafidi, founder and director of the Fashion Law Institute.
Despite a previous bankruptcy filing, Dawgs is Crocs’ most formidable legal opponent on its patent and trademark rights, Scafidi said.
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