Crocs, Inc. (NASDAQ: CROX), king of the ugliest shoes on the market, already rose 4% today and now the company is raising guidance. The company said that sales for all of 2011 will be at the high end of the prior guidance of $200 to $205 million and against Thomson Reuters estimates of $204.45 million. This puts the revenues above $1 billion for the year 2011, up from $790 million for 2010.
This company was on the brink of failure if you just looked at its chart before the recession as the rapid growth petered out and as the fad petered out. What is interesting is that shares are down about half from the high of 2011. At $15.95 after a 4.25% gain on Tuesday, the 52-week range is $14.20 to $32.47. For whatever it is worth, Thomson Reuters has a mean price target of $24.75 from Wall Street analysts over the next year.
The company has moved away from only having the ugliest shoes out there, something that has only helped. Why anyone would wear those other than for gardening has been a mystery. The expression about “comfortable shoes” must not have such a bad stigma these days.
JON C. OGG
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