Crocs is now a $1 billion company
The shoe company has defied critics with annual sales that jumped 27% from 2010.
Shares of the footwear retailer jumped more than 16% in response to close at $18.56.
We'll get the official results for Crocs' fourth quarter and full year next month. But the company couldn't resist offering a little peek at what to expect. For the fourth quarter, revenue will be at the high end of the company's previous guidance of $200 million to $205 million.
For the full year, revenue will surpass $1 billion. That's a nearly 27% jump from the year before -- and a heck of a feat in this economy.
Check out the following video interview with Crocs' CEO John McCarvel last November heading into the holiday season. He said one strategy in stores last year was to offer more visual merchandising and more gifting opportunities with accessories, hats, gloves and socks. Clogs are less than half of the company's business globally, he added.
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So has Crocs moved from fad to legitimate footwear? What a journey for the makers of those odd, hole-filled shoes that fashion aficionados love to hate. "When you think about it, what has Crocs really achieved other than profiting from making a ton of people’s feet look awful?" asked Styleite. Oh, brother.
But a key part of Crocs' strategy is expanding into more traditional shoes that fashionistas may even find tolerable. Boots and ballet flats are fresh new lines for the company, although I suspect the original Crocs shoe that people love and hate will always be a mainstay.
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The expected $3.36 billion offering from Citizens Financial Group won't come close to Alibaba's, but it will be an important one for the market.
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