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Crocs presents revenue in line with expectations

Aug 4, 2015 United States
Crocs presents revenue in line with expectations
In the second quarter, revenue totaled 345.7 million US dollars, down by 8% from similar period in the prior year
Gregg Ribatt, Chief Executive Officer, said: "We delivered second quarter sales in line with expectations. Our business continues to stabilize around the globe and we believe the strategy the company outlined last July is positioning Crocs for sustained success in the future. We were particularly pleased to see global e-commerce revenue increase nearly 30% on a constant currency basis. The company continues to make meaningful progress in implementing our strategy including: strengthening our brand; elevating our product stories; evolving our international business to focus on our six core markets; strengthening our relationships with key wholesale partners; improving our direct to consumer capabilities; simplifying our business model; and, building a best in class team."

In the second quarter, Crocs revenue totaled 345.7 million US dollars, down by 8% from similar period in the prior year. On a constant currency basis, revenue decreased 1.1% as compared 2014.

Net income attributable to common stockholders on a GAAP basis totaled 9.7 million US dollars, which compares to 19.5 million in the same quarter in 2014. Excluding certain non-recurring and special charges, the company reported non-GAAP adjusted net income attributable to common shareholders of 27.3 million US dollars.

Crocs management re-affirmed the confidence in the strategic shift in place aimed at focusing the organization on a narrower range of businesses, which is supported in a smaller retail network and a reduced geographic footprint. Mr. Ribatt also highlighted the investment of 15 million US dollars in marketing operations during the second quarter of the current financial year, aimed to build brand awareness.

The company expects quarter three revenue to be on the range of 280 to 290 million US dollars compared to 302 million US dollars last year, showing growth on a constant currency basis.

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