logo
Share SHARE
FONT-SIZE Plus   Neg

Crocs Shares Fall On Weak Outlook; Q4 Profit Rises - Update

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

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Consumers in Nigeria are calling for a boycott of Coca-Cola products sold in the African nation after a high court judge ruled that the products could be "poisonous". Justice Adedayo Oyebanji of the Lagos High Court ruled that high levels of benzoic acid and sunset additives in Coca-Cola's soft drinks could pose a health risk to consumers when mixed with ascorbic acid, commonly known as Vitamin C. Charles Murphy, a partner at New York hedge fund Paulson & Co., fell to his death after jumping out of a hotel window in Manhattan on Monday. Murphy was found dead on the fourth-floor terrace of the Sofitel New York Hotel after he jumped from a window on the 24th floor. Internet media company BuzzFeed is preparing to go public in 2018, media site Axios reported Wednesday, citing industry sources. New York-based BuzzFeed was founded in 2006 by Jonah Peretti and John Johnson III as a viral lab, focusing exclusively on tracking viral content.
comments powered by Disqus
Follow RTT