Crocs Stock Jumps On Growth Outlook, $500M Buyback; Unveils New Bio-Based Material

Crocs Inc (NASDAQ:CROX) CEO Andrew Rees said Crocs brand is expected to grow to over $5 billion in sales by 2026.
The company outlined a five-year growth framework to achieve $5 billion in revenues, representing a compound annual growth rate of over 17% using the midpoint of its 2021 guidance as the base year.
The company cited growing digital sales, gaining market share in sandals, capturing growth in Asia, and innovating in product and marketing as the key drivers of sales growth.
The company also expects at least 50% of total revenues to be derived from digital channels by the end of 2026.
Crocs intend to repurchase $500 million of shares in 2021 by the end of Q3.
Crocs also reiterated its full-year 2021 guidance provided in July.
Crocs said it has begun introducing a new bio-based Croslite material into its product lines.
Price Action: CROX shares are trading higher by 10.47% at $152.14 on the last check Tuesday.