Shares of Crocs, Inc. (CROX) declined more than 11 percent in extended trade on Thursday after the footwear and apparel maker forecast earnings and revenue for the first quarter below analysts' estimates.
The company reported an 18 percent increase in profit for the fourth quarter on higher revenues across all segments and regions. Earnings per share beat analysts' expectations, while revenues missed their estimates.
The Colorado-based company's wholesale sales grew 6 percent in the fourth quarter, while retail sales rose 24 percent and Internet sales increased 17 percent. On a regional basis, the company also recorded sales increases in Americas, Europe and Asia during the quarter.
Backlog at the end of the fourth quarter was $307.4 million, up 19 percent from the year-ago period.
Looking ahead to the first quarter, Crocs expects earnings between $0.24 and $0.26 per share, and revenues in a range of $263 million to $268 million. Analysts currently expect earnings of $0.30 per share for the quarter on revenues of $268.74 million.
John McCarvel, President and Chief Executive Officer of Crocs, said, "As we move forward through 2012, we are confident that our long-term strategies will continue to deliver meaningful market share gains in spring and summer while also increasing our relevance during the cold weather season."
The company's fourth-quarter net income was $5.57 million or $0.06 per share, up from $4.73 million or $0.05 per share in the year-ago period.
On average, analysts polled by Thomson Reuters expected earnings of $0.04 per share for the quarter. Analysts' estimates typically exclude one-time items.
Revenues for the quarter grew 14 percent to $203.71 million from $179.19 million in the same period last year, but missed analysts' consensus estimate of $205.27 million.
The company noted that in 2011, it grew annual sales 27 percent to surpass $1 billion for the first time ever.
CROX closed Thursday's trading at $20.42, up $0.23 or 1.14 percent. In after-hours, the stock declined $2.37 or 11.61 percent to $18.05.
by RTT Staff Writer
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