Crocs, Inc. Increases Fourth Quarter and 2018 Revenue Guidance Announces Participation in the 21st Annual ICR Conference
January 14 2019 - 6:00AM
Business Wire
Crocs, Inc. (NASDAQ: CROX), a world leader in innovative casual
footwear for men, women and children, today updated its guidance
for the fourth quarter and full year ended December 31, 2018 in
anticipation of its presentation at the 21st Annual ICR
Conference.
Andrew Rees, President and Chief Executive Officer, said, “We
had one of our best fourth quarters in years and as a result, have
increased our revenue guidance to $211 to $214 million, well above
the top end of our previous guidance of $195 to $205. These results
clearly demonstrate that consumer demand for clogs and sandals is
year-round. Classic and lined clogs were particular standouts, and
exceptional results in North America contributed to our
outperformance. We are thrilled to finish the year on such a high
note and are looking forward to another successful year in
2019.”
Fourth Quarter 2018:
- The Company now anticipates fourth
quarter revenues of $211 to $214 million; prior guidance was $195
to $205 million. Revenues were $199.1 million in the fourth quarter
of 2017.
- The Company continues to expect gross
margin to increase by 80 to 100 basis points over 45.4% in the
fourth quarter of 2017.
- The Company now expects SG&A to be
approximately 54% of revenues compared to 60.6% of revenues in the
fourth quarter of 2017.
Full Year 2018:
- The Company now anticipates 2018
revenues to grow approximately 6%. This compares to our prior
guidance predicting revenue growth of 4 to 5% over 2017 revenues of
$1,023.5 million.
- The Company continues to expect gross
margin to increase approximately 100 basis points over the 50.5%
rate in 2017.
- The Company now expects SG&A to be
approximately 46% of revenues compared to 48.8% of revenues in
2017.
- The Company now expects income from
operations to be over $60 million, up from our prior guidance of
slightly under $60 million, and $17.3 million in 2017.
2019 Preview:
- With respect to 2019 revenues, the
Company continues to expect a mid-single digit increase over 2018
revenues. We anticipate that e-commerce and wholesale growth will
more than offset lower retail revenues associated with our reduced
store count, which we expect to reduce revenues by approximately
$25 million. Adding back that $25 million reduction, we would
expect 2019 revenues to be up mid to high single digits over our
anticipated 2018 revenues.
21st Annual ICR Conference:
Crocs, Inc. will be presenting at the ICR conference on Tuesday,
January 15, 2019 at 2:00 pm EST. The presentation will be webcast
live and can be accessed on the Crocs website, www.crocs.com, or at
http://wsw.com/webcast/icr5/crox, and will remain available through
January 14, 2020. The conference is being held at the JW Marriott
Grande Lakes in Orlando, Florida.
About Crocs, Inc.:
Crocs, Inc. (Nasdaq: CROX) is a world leader in innovative
casual footwear for women, men, and children, combining comfort and
style with a value that consumers know and love. Every pair of
shoes within Crocs’ collection contains Croslite™ material, a
proprietary, molded footwear technology, delivering extraordinary
comfort with each step.
In 2019, Crocs declares that expressing yourself and being
comfortable are not mutually exclusive. To learn more about Crocs
or our global Come As You Are™ campaign, please visit
www.crocs.com or follow @Crocs on Facebook, Instagram and
Twitter.
Forward Looking Statements:
This news release includes “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act of
1995. These statements include, but are not limited to, statements
regarding prospects, expectations and our revenues, gross margin,
SG&A and income from operations outlook. These statements
involve known and unknown risks, uncertainties and other
factors, which may cause our actual results, performance or
achievements to be materially different from any future results,
performances, or achievements expressed or implied by the
forward-looking statements. These risks and uncertainties include,
but are not limited to, the following: current global financial
conditions; the effect of competition in our industry; our ability
to effectively manage our future growth or declines in revenues;
changing consumer preferences; our ability to maintain and expand
revenues and gross margin; our ability to accurately forecast
consumer demand for our products; our ability to successfully
implement our strategic plans; our ability to develop and sell new
products; our ability to obtain and protect intellectual property
rights; the effect of potential adverse currency exchange rate
fluctuations and other international operating risks; and other
factors described in our most recent Annual Report on Form 10-K
under the heading “Risk Factors” and our subsequent filings with
the Securities and Exchange Commission. Readers are encouraged to
review that section and all other disclosures appearing in our
filings with the Securities and Exchange Commission.
All information in this document speaks as of January 14, 2019.
We do not undertake any obligation to update publicly any
forward-looking statements, including, without limitation, any
estimate regarding revenues, margins, or SG&A, whether as a
result of the receipt of new information, future events, or
otherwise.
Category:Investors
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190114005102/en/
Investor:Marisa Jacobs, Crocs, Inc.(303)
848-7322mjacobs@crocs.comMedia:Ryan Roccaforte, Crocs,
Inc.(303) 848-7116rroccaforte@crocs.com
Crocs (NASDAQ:CROX)
Historical Stock Chart
From Mar 2024 to Apr 2024
Crocs (NASDAQ:CROX)
Historical Stock Chart
From Apr 2023 to Apr 2024