Crocs Inc.

sold more shoes at a higher price in the fourth quarter, contributing to a year of record sales.

“We sold 18.9 million pairs of shoes, an increase of 37.7% over last year’s fourth quarter,” said Anne Mehlman, Crocs’ chief financial officer, on the earnings call, according to FactSet.

“Our average selling price during Q4 increased 13.7% to $21.63, with the increase attributable to fewer promotions and discounts, as well as greater charms per shoe.”

The classic Crocs clogs are priced at about $45 for men and women, according to the company’s e-commerce website. For kids, the price is about $30. The charms Crocs sells to accessorize its shoes, called Jibbitz, are about $5 or $6.

Crocs reported record revenue for the quarter and for the full year, with shares more than doubling over the past 12 months, up more than 127%.

The benchmark S&P 500 index

is up 25.5% for the period.

See: National Retail Federation forecasts 2021 retail sales growth between 6.5% and 8.2% as COVID-19 vaccine continues roll out

Clothes and shoes, particularly items designed for the office or parties, have struggled throughout the pandemic. However, items that make working from home and other at-home activities more comfortable have done well.

“The Crocs brand and business are carrying strong year-over-year momentum into 2021 with performance driven by the clog silhouette in the Americas,” wrote Stifel analysts in a note.

“We see it naïve to ignore the coincidence of COVID-19-related dynamics and breakout clog silhouette demand in the Americas.”

Stifel rates Crocs stock hold with a $76 price target.

Other analysts say that Crocs has other factors working in its favor as well.

“Crocs plans to enhance digital personalization capabilities globally, while also continuing its repositioning in China (number two global footwear market but only 5% of Crocs’ 2019 sales) including deploying proven global product/marketing strategies and enhancing Tmall, which should drive acceleration in 2022,” wrote Baird analysts in a note.

Also: January retail data show additional stimulus is key to ‘stellar growth’

Baird rates Crocs stock outperform with a $100 price target.

“We think Crocs’ sales and expanding ROIC [return on invested capital] stand out among U.S. softlines stocks,” wrote UBS analysts.

“The brand is building awareness and the secular trend towards casualization should drive a 9% five-year earnings per share CAGR [compound annual growth rate], including 32% growth in FY 21. However, we believe the stock’s current valuation already reflects this outlook.”

UBS rates Crocs stock neutral with a $91 price target.

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