Crocs, Inc. (NASDAQ:CROX). shares jumped over 7% after it outperformed its fourth-quarter estimates and predicted a stronger-than-expected year ahead.
Shares in the footwear giant rallied to more than US$116, its highest point since last July.
Revenues in 2023 rose by 11% to reach a record US$4 billion after fourth-quarter sales grew by a little over 1.5% to US$960 million.
Andrew Rees, the retailer’s chief executive officer said: “Crocs Brand grew across all regions and channels, highlighting the power of our strategy and disciplined execution.
“We are starting off 2024 from a position of strength and taking the opportunity to reinvest into several key strategic areas as we continue to lay the foundation for durable market share gains."
Looking at 2024, operations are expected to start to slow as revenues are predicted to fall by 1.5% in the first quarter, with earnings per share of between US$2.15 and US$2.25.
However, for the full year, Crocs expects revenue to increase by as much as 5% as earnings per share reaches between US$12.05 and US$12.50.
This comes after Crocs nearly doubled its net income in the fourth quarter to $253.59 million, or $4.16 per share, from $137.74 million, or $2.20 per share, in the year prior.
Adjusted earnings also soared, reaching $2.58 per share against analysts' expectations of $2.37 per share.