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Crocs shares jump after record revenue

Crocs Inc.
CROX,
+0.82%

stock jumped 7.3% in Tuesday premarket trading after the shoe company reported record first-quarter revenue. Net income totaled $98.4 million, or $1.47 per share, up from $11.1 million, or 16 cents per share, last year. Revenue reached a record $460.1 million, up from $281.2 million last year. The FactSet consensus was for EPS of 88 cents and revenue of $416.0 million. Digital sales grew 75.3%, and direct-to-consumer revenue nearly doubled, up 93.3% to $170.1 million. During the month of April, Crocs approved additional funding for its share repurchase program, bringing the available total to $1 billion. For the second quarter, Crocs is guiding for a year-over-year revenue increase between 60% and 70%. The FactSet consensus is for revenue of $464.5 million, implying an increase of 40.1%. And for the full-year, Crocs expects revenue growth between 40% and 50% compared to 2020. The FactSet consensus is for $1.735 billion, suggesting 25.2% growth. Crocs stock has gained 35.4% for the year to date, outpacing the S&P 500 index
SPX,
+0.18%
,
which is up 11.5% for the period.

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