Shares of Crocs Inc. (CROX) jumped Monday after the casual shoemaker said fourth-quarter and full-year sales would exceed its prior guidance after a strong holiday season.
The company said in a statement that it expects sales to grow 1% year-over-year in the fourth quarter, surpassing its November forecast of sales in that period declining between 1% and 4%.
Subsequently, the company estimated that full-year sales would total about $3.95 billion, a record and a more than 11% increase year-over-year. The company previously had forecast full-year sales growth of between 10% and 11%.
In mid-afternoon trading, the stock was up 20.1% at $103.84. Despite Monday’s gains, Crocs shares have lost about 8% of their value in the last year and remain well off their record high of about $180 in late 2021.
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