Crocs shares shot up greater than 16% Tuesday after the shoemaker elevated its income outlook for the complete yr and reported document first-quarter sales.

CEO Andrew Rees stated demand for the Crocs model is “stronger than ever” the world over. Some have called Crocs the “it” shoe of the pandemic, as the clog grew to become a closet staple for shoppers looking for consolation at dwelling. But it had seen momentum rising even earlier than Covid, thanks to in style collaborations and limited-edition drops with celebrities together with Justin Bieber, Post Malone and Priyanka Chopra.

Here’s how the shoemaker did for its quarter ended March 31, in contrast with what analysts have been anticipating, utilizing knowledge from a Refinitiv survey:

• Earnings per share: $1.49 adjusted vs. 89 cents anticipated
• Revenue: $460.1 million vs. $415 million anticipated

Crocs’ first-quarter internet revenue grew to $98.four million, or $1.47 per share, in contrast with $11.1 million, or 16 cents per share, a yr earlier. Excluding one-time changes, the corporate earned $1.49 a share, solidly outpacing the 89 cents that analysts surveyed by Refinitiv have been anticipating.

Revenues grew a whopping 64% to $460.1 million from $281.2 million a yr earlier. That topped Street expectations for $415 million.

Crocs stated its digital sales surged 75.3% to signify 32.3% of income, in contrast with 30.1% within the year-earlier interval.

Direct-to-consumer sales from its shops or web site grew 93.3% to $170.1 million. Wholesale revenues have been up 50.1% yr over yr to $290 million. During a post-earnings convention name, administration stated Crocs lately determined to lower ties with some of its wholesale companions in North America, although it did not title names, so as to hold tighter management over its model.

It has 349 company-operated shops in whole, together with 165 within the Americas.

“Looking ahead, we stay targeted on strategically necessary accounts comprised of main e-tailers, sporting items and household footwear and specialty footwear retailers,” Rees stated.

For the second quarter, Crocs is now calling for sales to develop by 60% to 70% yr over yr. Analysts had been on the lookout for growth of 39.2%, in accordance to Refinitiv.

For the yr, it now expects sales to be up 40% to 50%. In February, its steerage for income growth was 20% to 25%. Analysts had been calling for a 25% improve.

While Crocs stated it is seeing sturdy and continued momentum within the Americas, it sees the most important long-term growth alternative in Asia, which it says is the second-largest footwear market on this planet.

It continues to experiment with new designs that construct on its traditional clog, together with platform Crocs for ladies. The firm additionally informed analysts and traders Tuesday will probably be launching extra sandals. Sandals sales have been up 17% within the first quarter, and the corporate stated they’ll someday outpace growth of its core clogs.

Over the previous 12 months, Crocs shares have rallied greater than 260%, making it one of the best-performing shares within the retail trade in the course of the well being disaster. It has a market cap of $5.5 billion.

Find the full press release from Crocs here.