Crocs Q1 EPS 15 cents vs. 8 cents

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Corrected

Crocs shares slip after weak outlook

Crocs Inc. shares slipped nearly 2% in Wednesday premarket trading after it gave weak full-year outlook. The footwear company said it had a net loss of $28.3 million for the fourth quarter, or 41 cents per share, after a loss of $44.5 million, or 60 cents per share, for the same period last year. Revenue totaled $199.1 million, up from $187.4 million the year prior. The FactSet consensus was for a loss of 33 cents per share and revenue of $195.0 million. “We expect moderate wholesale and double-digit e-commerce growth to be offset by the loss of retail revenue associated with store reductions,” said Chief Executive Andrew Rees in a statement. For the first quarter, the company expects revenue of between $265.0 million and $275.0 million. The FactSet consensus is for revenue of $271.3 million. Revenue for the full year is expected to be “relatively flat,” negatively impacted by $60 million from business model changes and store closures. Sales in 2017 were $1.02 billion. The FactSet consensus for 2018 is $8.65 billion. Crocs shares are up 28.6% for the past three months, and up 111.6% for the last year. The S&P 500 index is up 16.1% for the past 12 months.

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