Crocs' stock soared 5.02% intraday on Wednesday, driven by better-than-expected first-quarter earnings and broad strength in the footwear sector.

The company reported Q1 revenue of $921 million, exceeding expectations. Management highlighted strong momentum in sandals, which are projected to approach $500 million in annual revenue with double-digit growth, and diversification through new products including the Saturday Sandal and classic ballet flats. Additionally, Crocs initiated share buybacks in Q2, repurchasing approximately 800,000 shares through April 23, signaling management confidence in the company's valuation.

The overall footwear sector traded higher, with peers like Birkenstock, Deckers Outdoor, Steven Madden, On Holding, and Nike also posting gains, providing tailwinds for Crocs.