Shoe-maker reports doubling of sales over the same period last year
This week, shoe-maker Crocs reported record sales Rolex replica UK of $640 million for the period ending on the 30th June, almost double the same period last year. The firm rolex replica watches has also said that that the trend shows no signs of slowing down and has raised its revenue forecasts for the remainder of the year.
CEO Andrew Rees said that there was replica watches for sale strong worldwide demand for the shoes, adding that the company expected revenue for 2021 to rise by as much as 65%. It had previously forecast a rise of 50% for the year.
Net pre-tax income grew to $190.5 million during the second quarter from $54.7 million.
A lockdown boosted boon
Long-known for their comfort, the shoes have been selling well as people aimed for practicality and comfort during lockdowns. This trend has continued into 2021, even as lockdowns ease and people return to normal life.
Colorado-based Crocs said that digital sales were up by a quarter and currently make up more than a third of overall sales. The healthy sales figures have also been boosted by a “Crocs Challenge” on TikTok, which saw the shoe’s popularity boosted on the social media platform that has a subscriber base that is younger than longer-established platforms.
The sales figures have also been boosted by collaborations with celebrities such as Justin Bieber and fashion house Balenciaga.
It also laid out plans for future growth in a presentation for investors. In the presentation, the company said it was counting on sandals and a new range of “Jibbitz” show charms to keep the brand at the forefront of fashion.
Crocs is also looking to expand its operations in Asia, with a particular focus on China. It is rolling out celebrity campaigns across the continent, which it hopes will see a rise in sales in a sector that it considers has the most potential as the largest long-term growth prospects.
However, the increase in sales could bring its own set of problems. There are worries that the company may not be able to keep up with demand.
Speaking to journalists, Mr. Rees said that its largest manufacturing site in Vietnam may see temporary closures as a result of the pandemic and material shortages. He added that despite these potential problems the company remains “incredibly optimistic about our business.”
Another potential shadow is the matter of cheap copies flooding the market. Last month the company filed a complaint with the U.S. International Trade Commission against companies that are importing cheap copies into the country. It also filed trademark infringement lawsuits against more than 20 shops, amongst them the retail giant Walmart.
While cheap copies are undoubtedly a problem for the firm, they certainly haven’t dented enthusiasm for the product. Since its founding in 2002, the company has sold over 300 million pairs of shoes.