It looks ugly, they say, but it makes money.
Pandemic lockdowns have people pivoting from fashion to comfort, and Crocs has steadily continued to take advantage of the situation.
Crocs reported that online sales were up more than 64% to $460 million in the first quarter compared to the same period last year, BBC said Wednesday.
Pretax profit climbed to $123 million between January and March from a previous $19 million, comprising 32% of sales for the first quarter of the year, the report said.
Crocs also lifted its current year revenue projection, saying it now expects sales for the year to grow between 40% and 50%, up from its previous guidance of a 20% to 25% increase.
"Demand for Crocs is stronger than ever across the world," Crocs' chief executive Andrew Rees said. Crocs has 349 company-operated stores in total, including 165 in the Americas, CNBC said.
Crocs strategy includes heavy product promotion on social media, with #crocs having attracted 1.6 billion views on TikTok, where so-called "influencers" post videos dancing around wearing the footwear.
Crocs said most of its shoes are made with "Croslite material, a proprietary, molded footwear technology, delivering extraordinary comfort with each step," according to PYMNTS.
Dubbed by some as the "It-shoe", shoppers have patronized the footwear maker for easy-to-wear clogs to pair with leggings and hoodies during lockdown. But the clog, with a price tag of $30 to $50 a pair, has been mocked by many as ugly.
The footwear had seen its momentum growing even before the pandemic, thanks to limited-edition drops with pop stars and celebrities including Justin Bieber, Priyanka Chopra and Post Malone. Musician Questlove was pictured last week wearing a pair of custom Crocs painted in gold at the Oscars.
While Crocs said it's seeing robust and steady momentum in the Americas, it sees the biggest long-term growth opportunity in Asia, which the company says is the second-biggest footwear market in the world.
