Why Crocs Stock Popped Today
Shares of Crocs (NASDAQ: CROX) jumped 7% on Thursday after the footwear company's second-quarter earnings came in significantly above Wall Street's expectations.
Crocs' revenue rose 9.4% year over year to $358.9 million, and 12.5% when excluding the impact of foreign currency translation. This growth came despite the fact that store closures reduced Crocs' sales by approximately $6 million. The gains were fueled by a 9.4% rise in wholesale revenue and an 18% jump in e-commerce revenue. Notably, Croc's comparable-store sales leapt 11.8%.
Crocs' shoes are in high demand. Image source: Crocs.
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