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<ul class="summary-list"><li>Shares of <keyword id="271821" type="COMPANY" weightage="60" keywordseo="CROCS">Crocs</keyword> jumped as much as 12.98% Tuesday after the foam clog maker crushed first quarter earnings. </li><li>Crocs posted record revenue and raised its full year guidance on expectations of further demand throughout 2021. </li><li>The stock has gained nearly 333% in the last twelve months.</li></ul>Shares of <a href="https://markets.businessinsider.com/stocks/crox-stock">Crocs</a> jumped as much as 12.89% in early morning trading Tuesday after the foam shoe company posted record first quarter revenue and raised guidance for 2021. The stock price reached a record high Tuesday as it jumped to $95.78 after the market open. Crocs has now gained roughly 333% in the last twelve months as the pandemic increased customers' appetites for comfortable footwear.The foam clog maker's revenue grew 63.6% in the first quarter to a record $460 million, beating the $415 million expected by analysts. Earnings per share came in at $1.49 per share, versus the 89 cents expected by analysts. Crocs also increased its revenue outlook for the full year. "Demand for the Crocs brand is stronger than ever with expected 2021 revenue growth of 40% to 50%. In the first quarter we achieved record revenues and profitability, with growth in all regions and all channels. We have raised full year guidance as we continue to see consumer demand for our product accelerate globally," said <a href="https://investors.crocs.com/press-releases/press-release-details/2021/Crocs-Inc.-Reports-Record-First-Quarter-Revenue-and-Raises-2021-Guidance/default.aspx">CEO Andrew Rees</a>.Additionally, digital sales grew 75.3% to represent 32.3% of revenue versus 30.1% last year and Asia achieved strong double-digit growth of 26.2%, or 20.1% on a constant currency basis.Often branded as "ugly" by detractors, the divisive foam clogs saw a revival during the pandemic as shopper's traded in heels and loafers for softer shoes. The brand has also collaborated with a number of high-profile celebrities. In September, the Crocs collaborated with Puerto Rican rapper <a href="https://www.insider.com/bad-bunny-crocs-glow-in-the-dark-jibbitz-charms-2020-9">Bad Bunny to release a glow-in-the-dark clog that sold out in 30 minutes.</a> In October, the <a href="https://www.businessinsider.com/justin-bieber-x-crocs-drew-house-sold-out-resold-grailed-stockx-2020-10">Crocs X Justin Bieber with drew collection</a> sold out in just two days.<div type="image" title="Screen Shot 2021 04 27 at 9.36.27 AM" height="1126" width="1572" msid="82277668" hostid="261"></div>

Crocs jumps 12% after the foam shoe company posts record 1st-quarter revenue and raises 2021 outlook

<ul class="summary-list"><li>When <keyword id="12325266" type="UNKNOWN" weightage="60" keywordseo="crocs" source="Orion">Crocs</keyword> announced in December it was buying shoe brand <keyword id="13582420" type="UNKNOWN" weightage="60" keywordseo="hey-dude" source="Orion">Hey Dude</keyword>, shares slumped 12%.</li><li>But the brand — known for its comfortable, lightweight <keyword id="11937561" type="UNKNOWN" weightage="60" keywordseo="shoes" source="Orion">shoes</keyword> — has legions of diehard fans.</li></ul>When Crocs announced in December it was buying Hey Dude, Wall Street had doubts. The stock immediately <a href="https://www.axios.com/crocs-stocks-hey-dude-c64675e4-af5a-48c0-a382-6abd66a5765c.html">plunged 12%</a> as investors questioned why Crocs was dropping $2.5 billion on a little-known Italian shoe company. But Crocs perhaps knew something investors didn't: Hey Dude, a brand known for its comfortable, lightweight shoes that arrive in biodegradable packaging, has been quietly amassing legions of Gen Z fans. According to Piper Sandler's latest biannual survey of US teens, Hey Dude ranked among teens' top 10 favorite shoe brands for the second survey in a row. Back in 2019, Hey Dude ranked 54th among the teens surveyed — by 2020, it had jumped to 17th. In December, Piper Sandler called Hey Dude one of the fastest-rising brands it tracks, <a href="https://www.cnbc.com/2021/12/23/crocs-ceo-defends-2point5-billion-hey-dude-acquisition-as-shares-tumble-.html">according to CNBC</a>.Crocs CEO Andrew Rees told CNBC at the time that buying Hey Dude was a way to "add another brand, which has its own icon," rather than diversify away from Crocs' ubiquitous clog. The Hey Dude acquisition closed in February, and Crocs said then that it expects the brand will bring in roughly $750 million in revenue in 2022. Crocs plans to build Hey Dude into a $1 billion brand by 2024 by expanding its US distribution, expanding its global customer base, and adding new products to its lineup, the company said in an investor presentation.In January, UBS analysts wrote that Crocs' 2022 outlook should boost investor sentiment, since "it should show the market CROX is not buying Hey Dude because its core Crocs business is slowing." <h2>So, what makes Hey Dude so popular? </h2>Hey Dude, founded in 2008 by Alessandro Rosano, began with a single style, a slip-on shoe called the Wally. Hey Dude's fans say its shoes are lightweight, supportive, and comfortable — much like Crocs — and made with sustainability in mind. The shoes are made using recycled cork, plastic, and leather, and they're sent to customers in packaging made from cornstarch.Hey Dudes are sold online and at national retailers like Journey's and Buckle. The Wally and the women's alternative, the Wendy, costs $60 while the brand's more expensive boot styles cost between $80 and $90. It seems as though part of the brand's popularity can be attributed to TikTok — the platform is home to hundreds of videos customers showing off their collections of Hey Dudes. "Love these! 10/10 recommend," a user <a href="https://vm.tiktok.com/ZTd9m2nG6/">with the handle @sttepphhyy</a> posted about their new Hey Dudes. Another user, <a href="https://vm.tiktok.com/ZTd9a5Aqw/">@naidelyy09,</a> called Hey Dudes "the most comfortable shoes I've ever worn."Some fans have shared videos of their bridal and groomsmen parties <a href="https://vm.tiktok.com/TTPd9mdMsv/">wearing Hey Dude shoes at their wedding</a>, while others have started customizing the upper part of the shoe with leather patches or brand logos. Many of the videos are tagged with US states like Florida or Texas, which makes sense: Crocs' Rees <a href="https://www.youtube.com/watch?v=b1DMOU3acGU">told CNBC</a> in December that 95% of the company's sales are within the US and that the "nucleus" of Hey Dude's popularity is in the Midwest and the South."It has not spread to the coast as much as some other companies would and that's our opportunity," he said. "We think it has far more potential both here in the US and also globally."

Crocs bought a little-known Italian shoe brand. Wall Street doubted it, but teens have been quietly obsessed with it for years.

<div class="KonaFilter image-container display-table"><div><div class="image on-image"></div></div></div><ul><li><a href="https://markets.businessinsider.com/stocks/crox-stock">Crocs</a> shares have soared 100% over the past year, far outpacing the performance of other publicly traded shoe and apparel makers.</li><li>Analysts who cover Crocs say the brand has seen a revival among teens and has raised its profile in pop culture.</li><li>Another more subtle component of the big gains may be a nostalgia factor, some analysts say.</li><li><a href="https://markets.businessinsider.com/stocks/crox-stock">Watch Crocs trade live here</a>.</li></ul>"<a href="https://markets.businessinsider.com/stocks/crox-stock">Crocs</a>&#xa0;Making A Comeback."That was the title of a note to clients published by Erinn Murphy, a senior research analyst at Piper Jaffray, last November. The brand's recent momentum, particularly among young consumers, would continue, Murphy forecast. She pointed to its collaboration with the rapper Post Malone, her firm's <a href="https://www.businessinsider.com/crocs-teen-popularity-surges-2018-10">survey</a> showing Crocs were gaining ground among teens, and the shoemaker's "improving digital capabilities."Since then, the stock has proved Murphy and other bullish Wall Street analysts correct. Crocs shares have soared 48% over the past three months, bringing their one-year advance to an eye-popping 101%. That compares with the sneaker giants <a href="https://markets.businessinsider.com/stocks/adidas-stock">Adidas</a> and <a href="https://markets.businessinsider.com/stocks/nke-stock">Nike</a>, who have gained 10% and 21% respectively over that time. <a href="https://markets.businessinsider.com/stocks/skx-stock">Skechers</a> has fallen 37%.Listen to the latest Household Name episode, "<a href="https://www.stitcher.com/podcast/household-name/e/58337856?autoplay=true">Crocs: From Punchline to Fashion Line</a>."Aside from the Croc's collaborations with the likes of Post Malone, A-Life, and Balenciaga, analysts who cover the brand attribute the rally to a push toward marketing its shoes to younger consumers and pairing them with visible brand ambassadors like Zooey Deschanel and Natalie Dormer.By Piper Jaffray's count, Crocs had six collaborations in 2018, two in 2017, and one in 2016. One of last year's pairings was with the luxury fashion-designer Balenciaga for&#xa0;<a href="https://www.businessinsider.com/balenciaga-teased-a-new-pair-of-high-heeled-crocs-2018-7" target="_blank" rel="noopener" data-saferedirecturl="https://www.google.com/url?q=https://www.businessinsider.com/balenciaga-teased-a-new-pair-of-high-heeled-crocs-2018-7&amp;source=gmail&amp;ust=1548277400355000&amp;usg=AFQjCNGBpfvcICEuX2GWKn0CdCM_N--OYg">high-heeled</a>&#xa0;and&#xa0;<a href="https://www.thisisinsider.com/balenciaga-platform-crocs-sold-out-instantly-2018-2" target="_blank" rel="noopener" data-saferedirecturl="https://www.google.com/url?q=https://www.thisisinsider.com/balenciaga-platform-crocs-sold-out-instantly-2018-2&amp;source=gmail&amp;ust=1548277400355000&amp;usg=AFQjCNEdEKby0TET8jv21OpP9yx8aXvN6Q">platform</a> Crocs. Rapper Post Malone twice <a href="https://www.businessinsider.com/crocs-post-malone-new-shoe-2018-12" target="_blank" rel="noopener" data-saferedirecturl="https://www.google.com/url?q=https://www.businessinsider.com/crocs-post-malone-new-shoe-2018-12&amp;source=gmail&amp;ust=1548277400355000&amp;usg=AFQjCNEolOlcwEB_OibiTx3ZPtwsLydWEw">partnered</a> with the brand last year for new shoes that were&#xa0;<a href="https://www.businessinsider.com/crocs-post-malone-collaboration-sells-out-2018-11" target="_blank" rel="noopener" data-saferedirecturl="https://www.google.com/url?q=https://www.businessinsider.com/crocs-post-malone-collaboration-sells-out-2018-11&amp;source=gmail&amp;ust=1548277400355000&amp;usg=AFQjCNHaGQgtJuRGL_vdPuSFDe0jxQ4AcA">quickly</a>&#xa0;bought up. Crocs, which went public in early <a href="https://www.nasdaq.com/markets/ipos/company/crocs-inc-682861-45948">2006</a>, is now trading at just under $30 a share, near eight-year highs.Another analyst who rates the stock positively, Susquehanna's Sam Poser, told clients last week that Crocs' strategic collaborations are "helping to raise brand awareness and expose CROX to a new, fashion-forward consumer." Additionally, he said there's significant room to grow its e-commerce segment and expand overseas, particularly in Asia.In a note to clients last week, Piper Jaffray's Murphy pointed to another facet of the brand's allure: nostalgia."Teen resurgence is seen as a multi-year catalyst per mgmt..," she wrote. "We also believe this trend is benefiting from nostalgia (much like adidas Originals) as teens now wearing CROX grew up with the brand as children."&#xa0;Susquehanna's Poser agreed that nostalgia may also be at play."If you think about it, there's something that you like today that brings back memories of something when you were a kid," he said in a phone interview. "If you think about Adidas track shoes, or any of that kind of stuff, there's all these different things that were popular then; you saw your big brother wearing it, or you wore it, and it just brings back memories.&#xa0;"I think there's a good deal of that going on from when these teenagers, 10-plus years ago, were little kids, they wore Crocs, then they stopped, and now they're going, 'Oh I wore those, and I understand what those are,' and now I can sort of make them my own."Read more:&#xa0;<a href="https://www.businessinsider.com/crocs-teen-popularity-surges-2018-10">Crocs' popularity is skyrocketing among teens as ugly fashion takes over</a>Aside from some of the strides the company has made toward marketing its product, some analysts have cited its recent convertible share buyback as a positive development. In early December, Crocs' stock surged when the company <a href="https://investors.crocs.com/press-releases/press-release-details/2018/Crocs-Inc-Announces-Repurchase-and-Conversion-of-Convertible-Preferred-Stock-Owned-by-Blackstone-Transaction-Increases-Pro-Forma-YTD-2018-EPS-Approximately-018-or-30/default.aspx">said</a> it planned to buy back half of the preferred convertible shares the private-equity firm Blackstone acquired in a $200 million investment in 2014.To be sure, the company has appeared to be in "<a href="https://www.businessinsider.com/the-crocs-brand-is-collapsing-2014-7">comeback</a>" mode for years. In mid-2014, Crocs said it planned to shutter stores and lay off employees amid waning clog demand, Business Insider reported at the time. The company has also shuttered stores over the years, shrinking from 585 stores in 2014 to 382 in 2018.Some experts following the stock are wary the company's turnaround will truly take hold. After Crocs' presentation at an investment conference last week in Orlando, where the company <a href="https://investors.crocs.com/press-releases/press-release-details/2019/Crocs-Inc-Increases-Fourth-Quarter-and-2018-Revenue-Guidance-Announces-Participation-in-the-21st-Annual-ICR-Conference/default.aspx">raised</a> its fourth-quarter and 2018 revenue guidance, some analysts maintained their "neutral" and "hold" ratings on the stock."While we believe the structural changes in place enhance sustainability, we also hesitate to chase the stock at current levels," Baird analysts led by Jonathan Komp told clients last week.&#xa0;"We are more optimistic about the pipeline of initiatives into 2019, though we wait for pullbacks or signs that revenue over-delivery can continue before becoming more constructive following the sharp run up."Shareholders will receive a more complete picture of how Crocs fared in the fourth quarter - which proved to be a <a href="https://markets.businessinsider.com/news/stocks/stock-market-news-on-track-worst-december-since-great-depression-2018-12-1027837251">historically dismal period</a> for the financial markets - when the company reports earnings next month.Now read:<ul><li><a href="https://www.businessinsider.com/the-future-of-retail-report-2018-2017-12">How the retail industry will top $5.5 trillion by 2020</a></li><li><a href="https://www.businessinsider.com/ups-ceo-on-amazon-threat-2019-1">UPS CEO downplays Amazon threat and says online shopping 'is a lot more than just Amazon'</a></li></ul><div class="KonaFilter image-container display-table"><div><div class="image on-image"></div></div></div><a href="https://www.businessinsider.com/intelligence/future-of-retail-ai?IR=T&amp;utm_source=businessinsider&amp;utm_medium=ctgr&amp;utm_term=ctgr_leadgen&amp;utm_content=ecommerce_ctgr_leadgen&amp;utm_campaign=ecommerce_ctgr_leadgen_future-of-retail-ai"></a><div></div> <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/finland-number-one-country-to-travel-to-in-2019-2019-1">Finland is the number one country to travel to in 2019</a></h3> <div> </div> </div></hr>

Post Malone, Balenciaga, and teens: Here's what's behind Crocs' huge run over the past year

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Crocs jumps 12% after the foam shoe company posts record 1st-quarter revenue and raises 2021 outlook

Emily Graffeo

Crocs bought a little-known Italian shoe brand. Wall Street doubted it, but teens have been quietly obsessed with it for years.

Avery Hartmans

Post Malone, Balenciaga, and teens: Here's what's behind Crocs' huge run over the past year

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