World Footwear

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Crocs with strong quarter

Feb 28, 2018 United States
Crocs with strong quarter
Revenue in the fourth quarter reached 199.1 million US dollars, growing by 6.2%, contributing for results above guidance, with a loss reduction
Andrew Rees, President and Chief Executive Officer, commented: "We had a strong final quarter of the year, which enabled us to meet or exceed our revenue and gross margin guidance for the fourth consecutive quarter. Throughout 2017, we focused on our strategic objectives: simplifying our business to reduce costs, improving the quality of our revenues, and positioning ourselves to drive sustainable, profitable growth. Looking at 2018, our Spring/Summer collection is being well received. We expect moderate wholesale and double-digit e-commerce growth to be offset by the loss of retail revenues associated with store reductions. We also anticipate delivering continued gross margin gains and completing our SG&A reduction plan. This lays the groundwork for generating top line growth in 2019 and, ultimately, delivering double-digit EBIT margins."

Revenue in the fourth quarter reached 199.1 million US dollars, growing by 6.2% over the fourth quarter of 2016, or 3.8% on a constant currency basis. Top line growth was achieved despite the loss of approximately 14 million US dollars due to operating fewer stores and absorbing the impact of the sales of the Taiwan and Middle East businesses. The wholesale and e-commerce businesses grew at double-digit rates and the retail business delivered positive comparable store sales.

The loss from operations of 30.4 million US dollars improved by 23.7% compared to last year’s fourth quarter loss from operations of 39.8 million US dollars.  Net loss attributable to common stockholders was 28.3 million US dollars, or 0.41 US dollars per diluted share, compared to a net loss attributable to common stockholders of 44.5 million US dollars, or 0.60 US dollars per diluted share, in last year’s fourth quarter.

In the full year, revenue totaled 1 023.5 million US dollars. On a constant currency basis, revenue decreased by 1.7% compared to the prior year.

Net loss attributable to common stockholders was 5.3 million US dollars, or 0.07 US dollars per diluted share, compared to a net loss attributable to common stockholders of 31.7 million US dollars, or 0.43 US dollars per share, in 2016.


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