World Footwear

Companies

Crocs raises guidance

Jan 13, 2020 United States
Crocs raises guidance
The Colorado-based footwear company known for its clogs announced it raised its revenue guidance for the fourth quarter ended on the 31st of December 2019
“We delivered the strongest fourth quarter in Crocs’ history”, commented Andrew Rees, President and Chief Executive Officer, adding: “Our positive brand momentum allowed us to deliver strong DTC growth combined with excellent wholesale sell through. Our projected fourth quarter results represent a strong finish to a record year and we anticipate building on our 2019 growth trajectory in 2020.”

For the fourth quarter of 2019, the company now expects revenue to be between 260 and 262 million US dollars, up from its previous guidance range of 245 to 255 million US dollars and compared to 216.0 million US dollars in the fourth quarter of 2018. With respect to 2019, Crocs expects:
- Revenues to grow approximately 13% over 2018 revenues of $1,088.2 million;
- Adjusted gross margin to be approximately 51%, excluding non-recurring charges of approximately 100 basis points associated with the company’s new US distribution centre. On a GAAP basis, gross margin is expected to be approximately 50%;
- Adjusted operating margin to be approximately 11%, excluding non-recurring charges of approximately 100 basis points associated with the company’s new US distribution centre and certain SG&A costs. On a GAAP basis, operating margin is expected to be approximately 10%;

With respect to 2020 revenue, Crocs continues to expect 12% to 14% growth over 2019 revenue.


Image credits: rga.com

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