Shares of Crocs Inc.
CROX,
were on pace for their biggest percentage increase in nearly four years, after the casual-footwear maker forecast fourth-quarter and full-year sales that were better than the company’s prior expectations. Shares jumped 20.2%, putting the stock on track for its largest percentage gain since April 6, 2020, when it rose 26.3%. Executives said they expected full-year sales to increase more than 11%, a bit above prior expectations for 10% to 11% growth, with a gain of more than 1% in the fourth quarter, compared to an earlier outlook for a 1% to 4% decline. Crocs said it expected 2024 sales growth of 3% to 5%. The company, which makes clogs and sandals, made the announcement in connection with a conference. In a presentation, Crocs, whose footwear has become more popular with younger consumers, said it was benefiting from trends toward casualization, personalization and “comfort-led functionality.”
