Crocs shares surge on raised forecast as HEYDUDE turnaround gains traction
Sofia Cheung is a dedicated community reporter with a focus on social issues affecting the Fargo area. A graduate of North Dakota State University, she has spent the last four years reporting for local networks, ensuring that underrepresented voices are heard.
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Oct 29 (Reuters) Crocs shares surged about 27% on Thursday after the footwear maker raised its full-year forecasts, betting on a sustained recovery at its HEYDUDE brand and steady demand for its namesake clogs. The upbeat outlook contrasted with a broader footwear sector that has been grappling with uneven consumer spending, elevated costs and heavy competition for shoppers, forcing many brands to rely on promotions to drive sales. • The stock rose to $151.82, its highest in two years, and is set for the best day since 2018, if gains hold • The company forecast 2026 revenue growth of about 3%, up from its prior forecast of 1% to 2%. • Crocs said HEYDUDE s turnaround gained traction on faster-than-expected orders from retailers as inventory sold quickly, helping its wholesale revenue climb 14% • We feel very confident that even in an inflationary environment that we ll be able to protect our profitability as we go forward, CFO Patraic Reagan said, adding that multiple