Crocs Shares Explode 11% on Billion Dollar Accomplishment
Crocs, Inc. (NASDAQ:CROX) is expecting a big boon in their future, as the company announced that for fiscal 2011 it anticipates annual revenue passing $1 billion for the first time when results for the last year are reported. Revenue is presumed to be at the high end of the earlier guidance of $200-205 million for the fourth quarter of 2011. I/B/E/S Estimates report that analysts anticipate Crocs announcing revenue of $1.00 billion for fiscal 2011, with $204 million in Q4.
In other shoe apparel world news, Nike (NYSE:NKE) is also seeing good fortunes. The company is going to construct a headquarters of almost 600,000 square feet at The Springs, Tishman Speyer’s latest mixed-use development in Shanghai’s Yangpu District. This will contribute to the company’s preexisting plans for formation of a new centralized campus in Shanghai.
Crocs shares, investors ought to notice, are at a comparably cheap price next to competitors like Nike, Deckers Outdoor(NASDAQ:DECK), Skechers (NYSE:SKX), and Steven Madden (NASDAQ:SHOO). The coming spring and summer quarters are usually strong for Crocs, so the stock might be worth consideration now.
Here’s how shares of Crocs are reacting to the news:
CROCS Inc. (NASDAQ:CROX): CROX shares recently traded at $17.77, up $1.82, or 11.41%. They have traded in a 52-week range of $14.20 to $32.47. Volume today was 6,611,949 shares versus a 3-month average volume of 3,207,300 shares. The company’s trailing P/E is 14.49, while trailing earnings are $1.23 per share.
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