Shares of Crocs rose more than 10 percent on Thursday after the clog maker reported another record-setting quarter.
The company’s clunky-yet-comfortable footwear, previously known for being popular among chefs and medical professionals, has become an epidemic as consumers walk around the house in their sweats.
Crocs sales increased 93 percent to $640 million and profit rose to $319 million as of June 30, more than five times from $57 million a year earlier.
The Colorado-based company also raised its full-year guidance for the year, forecasting revenue growth of between 60 and 65 percent.
“We continue to see strong consumer demand for the Crocs brand globally,” Chief Executive Andrew Rees said in a statement. “We are also committed to net zero emissions by 2030, allowing us to provide our customers around the world with the ‘comfort without carbon’. I believe that we can continue, while making a positive impact on our planet and our communities.” can provide highly profitable growth.”
As its popularity grows, so does the number of imitators.
Earlier this month, the company said it was cracking down on 21 companies that had infringed its trademarks and were selling counterfeit versions of its brightly colored clogs at Hobby Lobby stores like Walmart, among other retailers.
According to Susan Scafidi, founder and director of the Fashion Law Institute, this looks like a 15-year trademark battle with contestant, Dogs.
Despite a previous bankruptcy filing, Dawgs remains Crocs’ most formidable legal rival over its patent and trademark rights, Scafidi said.