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US-based Crocs announces revenue in line with expectations

Mar 13, 2015 United States
US-based Crocs announces revenue in line with expectations
Crocs Inc. announced 9.7% revenue decline for the fourth quarter in 2014 and 0.5% growth for the full year. On a constant currency basis, revenue was down by 5.0% in the last quarter, reaching 1.8% growth for the full year
Crocs' GAAP revenue increased 0.5% year over year to 1.2 billion US dollars. On a constant currency basis, revenue increased 1.8% as compared to the prior year. For the fourth quarter, revenue totaled 206.5 million US dollars, resulting in a decline of 9.7% as compared to the fourth quarter of 2013. On a constant currency basis, fourth quarter revenue declined 5%.

Net loss attributable to common stockholders was 0.22 US dollars per diluted share for the year and 0.70 US dollars per diluted share for the fourth quarter. Excluding certain non-recurring and special charges, the company reported non-GAAP adjusted net income attributable to common stockholders of 50.0 million US dollars for the year and a non-GAAP adjusted net loss of 30.0 million US dollars for the fourth quarter.

Gregg Ribatt, Chief Executive Officer at Crocs, stated: "We delivered fourth quarter sales in line with expectations. Our business was essentially flat to last year, on a constant currency basis across all regions including the Americas, Europe, Japan and Asia with the exception of Latin America and China. We believe the strategy the company outlined last July will position Crocs for sustained success in the future. We are making meaningful progress on implementing the strategy including: strengthening our brand; elevating our product stories while eliminating non-core categories; evolving our international business to focus on our six core markets while building best in class partnerships in the rest of the world; strengthening our relationships with key wholesale partners; improving our direct to consumer capabilities; simplifying our business model; and, building a best in class team. More specifically, in the second half of 2014 the company eliminated non-core product categories, closed more than 100 stores, reduced headcount, and simplified our international operations. We are confident these moves will enable us to streamline our business model, focus on our biggest and most meaningful opportunities, and position the company for growth in the future."

In terms of financial outlook, Mr. Ribatt said that 2015 will be a transition period for the company, with the business aiming to stabilize across all regions. “We expect Q1 revenues to be down on a constant currency basis by 10% to 12%, to a range of 260 million US dollars to 265 million US dollars, driven primarily by declines in our China business. We expect the declines to moderate substantially in Q2 and growth to return in the second half of 2015 as many of the strategic changes we implemented in late 2014 positively impact the business", Mr Ribatt concluded.

GAAP - Generally Accepted Accounting Principles

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