Crocs: The $5.5 Billion Shoe Company
The crocodile immitating footwear is taking all the money available!
Crocs were crowned the ‘shoe of the pandemic’ because of the rate at which people were seeking out comfortable footwear. Andrew Rees, the CEO of Crocs also confirmed that the demand for Crocs has hit an all-time high globally.
It’s no surprise that the company recorded a 40–50% growth in the space of one year, earning itself a great spot in the stock markets with a 17% increase and a market capitalization of $5.5 billion.
Crocs recorded a net income growth of $98.4 million, trading at $1.47/share as opposed to the $11.1 million, trading at 16 cents/share that the company recorded in the previous year.
Crocs’ revenues also surpassed the $415 million predictions set by analysts and went on to hit $460.1 million instead.
As regards what the company’s next moves are, it has been stated that Crocs has its eyes on the Asian market as it is the second-largest footwear market in the world.
The shoe company is also looking to test out new designs and delve into the production of sandals soonest.
