• Home
  • Executive
  • Management
  • Crocs Q4 revenues rise 6.2 percent

Crocs Q4 revenues rise 6.2 percent

By Prachi Singh

loading...

Scroll down to read more

Management

Fourth quarter revenues at Crocs were 199.1 million, growth of 6.2 percent over the fourth quarter of 2016, or 3.8 percent on a constant currency basis. The company said, top line growth was achieved despite the loss of approximately 14 million 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.

Commenting on the results, Andrew Rees, Crocs President and CEO, said in a statement: "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. Looking at 2018, 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."

Crocs revenues for FY17 decline 1.7 percent

Revenues for the full year were 1,023.5 million dollars. On a constant currency basis, revenues decreased 1.7 percent compared to the prior year. Gross margin was 50.5 percent, an increase of 220 basis points over the prior year. Income from operations was 17.3 million dollars compared to a loss from operations of 6.2 million dollars in 2016.

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

Gross margin for the fourth quarter was 45.4 percent an increase of 340 basis points over last year's fourth quarter. Favourable currency rates drove approximately 100 basis points of the improvement. The loss from operations of 30.4 million dollars improved by 23.7 percent compared to last year’s fourth quarter loss from operations of 39.8 million dollars. Net loss attributable to common stockholders was 28.3 million dollars or 0.41 dollar per diluted share, compared to 44.5 million dollars or 0.60 dollar per diluted share, in last year’s fourth quarter.

Crocs reveals Q1 and FY18 targets

For the first quarter of FY18, the company expects revenues to be between 265 and 275 million dollars compared to 267.9 million dollars in the first quarter of 2017, gross margin to be approximately 49 percent compared to 49.9 percent in the first quarter of 2017.

For the full year, Crocs expects revenues to be relatively flat to the prior year. Revenues in 2018, are expected to be negatively impacted by approximately 60 million dollars compared to 2017 due to the impact of business model changes and store closures. Gross margin is expected to be up approximately 70 to 100 basis points over our 2017 gross margin of 50.5 percent. Income from operations is expected to be approximately 50 million dollars compared to 17.3 million dollars in 2017.

Picture:Facebook/Crocs

Crocs
MULTIMEDIA