COVID-19 shutdowns have shoppers pivoting from fashion to comfort, and Crocs has continued to reap the benefit.
The foam clog company reported Tuesday that sales surged 64 percent in its first quarter to $460 million, reports CNN Business. It expects revenue for the year to increase between 40 and 50 percent, up from its previous forecast of a 20-25 percent increase. The company's shares are now up over 16 percent to $98.98 on the Nasdaq, writes CNN.
Ever since their release in the early aughts, Crocs have been derided as "famously ugly," and they're often mocked by the fashion-forward. But over the years, shoppers have come around to the shoe, both for practical comfort and for the novelty clip-on charms made by partner company Jibbitz.
Today, Crocs are undeniably trendy. Questlove wore a gold pair to the Academy Awards on Sunday, and earlier Tuesday the new Lightning McQueen-themed Crocs sold out in minutes. Crocs has recently collaborated with celebrities like Post Malone, Drew Barrymore, and Priyanka Chopra Jones.
It's not just comfort in the pandemic that has Crocs trending now. Another reason is nostalgia — Gen Z in particular is reportedly eager to revive early aughts trends (you can check TikTok), also including low rise jeans and mini skirts. You've been warned.