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Crocs revenue decline 6.3 percent in Q2

By Prachi Singh

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Report

Revenue at Crocs in the second quarter decreased 6.3 percent to 323.8 million dollars compared to the three months ended June 30, 2015. On a constant currency basis, revenue decreased 6.2 percent.Net income attributable to common stockholders on a GAAP basis increased 21.1 percent to 11.7 million dollars or 0.13 dollar per diluted share.

“Despite a decline in our revenue, I am encouraged by our strategic progress which has enabled us to help mitigate the top-line pressure on profitability by delivering better than expected gross margins and managing expenses while reducing inventories. These headwinds were partially offset by a 2.9 percent increase in global direct-to-consumer comparable store sales.”

The company expects third quarter 2016 revenue in the 245 to 255 million dollars range compared to 274.1 million dollars in the third quarter 2015. For the full year the company expects revenue to be down low single digits compared to the year ended December 31, 2015. The company said, this guidance reflects the more cautious retail environment and the slower turnaround in China.

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Crocs