Crocs Sees Best Sales Ever During Pandemic-Sparked Resurgence

With people increasingly seeking comfort in all forms as the pandemic continues, a number of companies have seen incredible increases in sales, including the divisive rubber shoe, the Croc. CNN reports that Crocs is set to report its best annual sales ever, expecting sales to have increased over 12 percent in 2020 to a record $1.38 billion.

That's up from a forecasted growth of around five to seven percent, and the company is now anticipating sales growth of 20-25% in 2021. On Monday, Crocs forecasted its fourth quarter year-over-year revenue to have increased around 55% to between $407 and $410 million, up from its previous estimate of a 20-30% increase.

"Amidst a global pandemic in 2020, we will deliver the strongest revenue in Crocs' history," Crocs CEO Andrew Rees said in a statement. "Our brand momentum is exceptional, and we anticipate another record year in 2021."

The pandemic has undoubtedly contributed to that growth, as consumers prioritize comfort. "We definitely benefited from consumer casualization," Rees said, adding that Crocs are easy to clean and sanitize, two important aspects amid a global pandemic.

Initially derided by many for their appearance, Crocs have seen increasing popularity over the years, releasing collaborations with stars like Justin Bieber, Post Malone, Bad Bunny and Luke Combs and brands like KFC. "They were younger, predominantly female consumers," Rees shared of 2020 Crocs customers. "This was a big driver of growth in North America. As the year progressed, it broadened to new younger male consumers."

Crocs are also loved by healthcare workers for their comfort, and Crocs donated 10,000 pairs of shoes per day to healthcare workers at the beginning of the pandemic. After the promotion began in March, Crocs quickly reached its daily limit each day, asking consumers requesting a free pair of shoes to "use their best judgment and only request their free pair if they are involved in an area of caregiver work where their job puts them at risk of coming into contact with or directly fighting the COVID-19 virus."

Other products and industries that have seen a surge in sales amid the pandemic include online grocery shopping services, book stores and Peloton, the at-home stationary bike that costs just under $2,000. Peloton Interactive Inc. posted its first-ever quarterly profit in September as its revenue almost tripled, the Wall Street Journal reported at the time.