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Digital Gains Help Crocs Beat Earning’s Forecasts — But Stock Falls

Crocs Inc. has found its footing online after last year’s wave of store closures.
The clog maker beat analysts’ earnings and revenue estimates on Tuesday morning, leaning on double-digit e-commerce growth and solid wholesale gains to make up for shuttered stores.
Earnings per share came in at 35 cents for the second quarter of 2018, 4 cents above analysts’ estimates. Revenues beat targets at $328 million, increasing 4 percent year-over-year, versus the $321.76 million that analysts predicted.
E-commerce saw the most dramatic sales gains at 23.8 percent over last year, while wholesale grew 7.2 percent and the company’s retail division posted same-store sales increases of 7.1 percent.
“Revenues and gross margin exceeded our guidance, and our diluted earnings per share were 75 percent above last year’s second quarter based on the strength of our product and the growing demand for our brand,” said Andrew Rees, Crocs Inc.’s president and CEO in a statement. “Our clogs and sandals continue to perform well, and we are well positioned for the back half of the year.”
Despite topping forecasts for the quarter, the company reiterated its full-year outlook of low single-digit revenue growth, estimating that it will end the year with revenues between $1.03 billion and $1.05 billion.

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Via:: https://footwearnews.com/2018/business/earnings/crocs-shoes-earnings-sales-stock-1202652341/