When it comes to Crocs’ buzzy collaborations, investors like what they see.
After the sold-out Bad Bunny clog collaboration with Crocs went live at 12 p.m. EST on Wednesday, shares have been on a steady upswing, trading at a peak of $48.09 on Thursday.
What’s more, Justin Bieber teased his a possible collaboration with the brand on his Instagram yesterday. Bieber simply captioned the photo “Soon.” The image featured a pair of orange Crocs floating in a pool, including indistinguishable Jibbitz charms attached. Crocs has yet to release any info about the new partnership.
As of 3 p.m. EST today, Crocs is trading at $45.68 during a session that has seen mixed trading across the market amid President Trump’s coronavirus diagnosis and the September jobs report.
Despite the ongoing pandemic, the clog maker continues to exceed expectations. For the second quarter, the Crocs recorded diluted earnings per share that surged 71.2% to $1.01 on an adjusted basis — well above the prior year’s 59 cents per share and analysts’ bets of 14 cents per share. Revenues, on the other hand, declined 7.6% to $331.5 million but still beat Wall Street’s forecasts of $249.6 million.