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Crocs Sales, Profits Topped Q4 Forecasts But Investors Are Still Ditching the Stock

Crocs, which has taken measures including the closings of more than 150 stores to boost its business, reported fourth-quarter earnings that topped forecasts across the board — but it wasn’t enough to mollify investors.
As of 10:00 a.m. ET, the lightweight-clog maker’s stock was down 12 percent to $25.06, despite reporting revenues that increased 8.5 percent year over year to $216 million, beating market watchers’ forecasts for sales of $213 million. Its wholesale revenues climbed 9.7 percent while e-commerce surged 18.9 percent, and retail same-store sales also saw gains of 13.4 percent.
The adjusted loss of 10 cents a share was also better than Wall Street estimates of a loss of 24 cents.
“Our fourth-quarter results contributed to what was a very successful year,” said president and CEO Andrew Rees. “We had record revenues in many key markets, with the U.S. market leading the way. We have hit multi-year highs in revenues and gross margin… Global demand for our brand remains strong.”
For the full year, Crocs’ revenues hit $1.09 billion, increasing 6.3 percent over the prior year period, with wholesale, online and retail comparable store sales all improving in the double digits. However, it saw losses of around $60 million as the brand

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Via:: https://footwearnews.com/2019/business/earnings/crocs-q4-2018-earnings-sales-1202753655/