Shares of Crocs (CROX) rose as much as 17% and reached a record high in intraday trading off the heels of an investor day that gave Wall Street plenty to dig its heels into. Shares closed at $149.38 apiece, up 11.66% on the day.
Crocs expects to pull in revenue of over $5 billion by 2026. It will also focus on expanding its reach in Asia and expanding its digital growth. The company is also boosting its sustainability efforts, announcing a new bio-based, lower carbon material called Croslite™ that it will introduce into its footwear line. The move is an extension of the company’s commitment to achieving net-zero emissions by 2030.
Crocs leadership expects the company to have a 26% adjusted operating margin over the long term. The company also announced that it would set a new accelerated buyback goal of $500 million by the end of 2021.
Sam Poser of Williams Trading tells Yahoo Finance that sticking to the game plan and listening to consumers will serve the comfort footwear company well long term. “If these brands stick to their guns and [don’t] mess around with trying to expand distribution too much and try to build and focus on their customers and innovate products and the way they go to market, I mean, [that] pretty much works, as long as you’re really engaging your customer,” he said.
Reggie Wade is a writer for Yahoo Finance. Follow him on Twitter at @ReggieWade.