Crocs Stock Skyrocketed After Q3 Earnings. Time to Buy?
Crocs (NASDAQ: CROX), known for selling those insanely popular foam clogs, recently reported third-quarter sales of $985.5 million, which were up 57.4% year over year. What's more, the leadership team decided to raise full-year guidance based on these optimistic results. After the announcement, shares popped more than 20%.
How should investors interpret this report that showed strong demand for this top footwear stock? Continue reading to find out if Crocs is a buy right now following its impressive Q3 financial results.
Crocs was a surprising winner throughout the pandemic as consumers who were spending more time at home searched for comfortable clothing to wear. In 2021, revenue increased 66.9%, a major acceleration compared to the company's growth in previous years. To see sales jump by over 50% in the latest quarter is a welcome sign although Crocs' acquisition of HeyDude, which closed in February this year, certainly helped to boost the top line as revenue in that segment rose 87% versus the prior-year period.
Source Fool.com
