Believe It Or Not, Crocs Is About To Become A $1 Billion Company
Our friends at Footwear News report that the Colorado-based operation predicts it will see its first ten-digit revenue figure next month, just in time for its fourth quarter earnings results. The company had been waffling up and down over the past year — lots of shareholders sold off their stock in the company a few months ago after Crocs failed to meet analysts’ expectations for the third quarter. But the $1 billion announcement sent prices of the stock (listed under the name CROX on Nasdaq, in case you were wondering) way up as buyers tried to get their hands on a piece of the action.
Crocs, naturally, will be laughing annoyingly all the way to the bank.
“As we begin our 10th anniversary year in 2012, everyone at Crocs can be proud of what we’ve achieved together, and we’re looking forward to the next 10 years,” said John McCarvel, Crocs president and CEO, in a statement.
Granted, becoming a $1 billion company in 10 years is nothing to sneeze at — especially given what the American economy has been through over the last decade. But when you think about it, what has Crocs really achieved other than profiting from making a ton of people’s feet look awful?