One of this year’s top-performing stocks may just be sitting at the back of your shoe closet.
Love them or hate them, Crocs — the maker of colourful, albeit aesthetically polarising foam clogs — has gone from a laughing stock to a good stock. The shares are up 55 per cent in the past year. That handily tops Nike’s 23 per cent decline and beats the performance of Big Tech names such as Apple, Microsoft and Alphabet.
Crocs was an early pandemic winner. Sales tripled to almost $3.6bn between 2019 and 2022 as Americans stuck at home ditched their heels and leather loafers for more comfortable footwear. The company has not looked back since and is forecast to pull in $4.1bn in revenue this year.
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