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Crocs Reboot in Full Swing as Q3 Sales, Profits Blow Past Forecasts

Shares for Crocs Inc. are booming in premarket trading — up more than 9 percent to $23.40 as of 8:30 a.m. ET as investors cheer a third-quarter performance that was better than expected across the board.
The Niwot, Colo.-based manufacturer of lightweight clogs said today that its sales during the period gained more than 7 percent to $261.1 million, handily topping forecasts for revenues of $246 million.
Profits also entered the black to reach $6.5 million, or 7 cents per diluted share — compared with a net loss of $2.3 million, or 3 cents per diluted share in last year’s same period. It was also much better than the loss of 2 cents per share analysts had predicted.
The brand, which encountered a stretch of uneven sales as the popularity of its distinctive molded clog waned, has recently moved aggressively to turn around its business. Among its tactics, the firm ditched about 170 underperforming stores, closed company-owned manufacturing facilities and tapped A-list stars such as Drew Barrymore to bolster its reach. At the same time, Crocs has enjoyed a resurgence through the rise of “ugly“ fashion — a trend characterized by Gen Z-ers’ newfound adoration for traditionally uncool item such as Teva’s flatform,

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Via:: http://footwearnews.com/2018/business/earnings/crocs-sales-profit-revenues-earnings-q3-2018-1202704284/