Crocs, Inc. (NASDAQ:CROX) today reported financial results for the
three months ended September 30, 2016.
Third Quarter Highlights:
- Revenues were in-line with guidance at $245.9
million for the three months ended September 30, 2016. On a
constant currency basis, revenues decreased 11.6%, compared to the
three months ended September 30, 2015.
- Improved inventory management
resulted in a $21.4 million, or 11.2%, decrease in inventory as of
September 30, 2016 compared to September 30, 2015.
Gregg Ribatt, Chief Executive Officer, said: “We continue to
manage our business tightly in what remains a challenging consumer
environment. Revenues were in-line with our expectations while
gross margin exceeded our guidance by approximately 200 basis
points as we further limited off-price selling and promotional
activities. At the same time, we reduced our inventories 11%
compared with last year. Looking ahead, we continue to plan
conservatively given the current top-line headwinds. We are working
hard to drive quality growth through our product, marketing, and
distribution strategies and we remain confident that the steps
we’ve taken to build a better business model will result in
increased profitability and greater shareholder value.”
Third Quarter Operating Results
In the third quarter of 2016, the company reported GAAP net loss
attributable to common stockholders of $5.4 million, or $0.07 per
basic and diluted share, compared to a net loss attributable to
common stockholders of $27.8 million, or $0.37 per basic and
diluted share, in the same quarter of the prior year.
As outlined in detail in the GAAP to non-GAAP reconciliations
set forth later in this press release, the company recorded net
charges of $3.3 million unrelated to our core business in the three
months ended September 30, 2016, compared to $8.6 million in the
three months ended September 30, 2015. Excluding these items, the
company reported on a comparable basis, non-GAAP adjusted net loss
attributable to common shareholders of $2.0 million in the three
months ended September 30, 2016, versus non-GAAP adjusted net loss
attributable to common shareholders of $19.2 million in the three
months ended September 30, 2015.
Balance Sheet
Cash and cash equivalents as of September 30, 2016 were
$150.2 million compared to $143.3 million as of December 31,
2015. Inventory was $169.4 million as of September 30, 2016
compared to $190.8 million as of September 30, 2015.
The company did not repurchase any shares during the three or
nine months ended September 30, 2016.
Financial Outlook
The company expects fourth quarter 2016 revenues in the $185.0
to $195.0 million range compared to $208.7 million in the fourth
quarter of 2015. For the year ended December 31, 2016, the company
expects revenues to be $1,034.0 million to $1,044.0 million.
Conference Call Information
A teleconference call to discuss third quarter 2016 results is
scheduled for today, Wednesday, November 9, 2016, at 8:30 am EST.
The call participation number is (888) 771-4371. A recording of the
conference call will be available two hours after the completion of
the call at (888) 843-7419. International participants can dial
(847) 585-4405 to take part in the conference call and can access a
replay of the call at (630) 652-3042. All of the above calls will
require the input of the conference identification number
43651803. The call also will be streamed on the
Crocs website, www.crocs.com. An audio recording of the conference
call will be available at www.crocs.com through November 9,
2017.
About Crocs, Inc.
Crocs, Inc. is a world leader in innovative casual footwear for
men, women, and children. Crocs offers a broad portfolio of
all-season products, while remaining true to its core molded
footwear heritage. All Crocs™ shoes feature Croslite™ material, a
proprietary, revolutionary technology that gives each pair of shoes
the soft, comfortable, lightweight, non-marking, and odor-resistant
qualities that Crocs fans know and love. Crocs celebrates the fun
of being a little different and encourages fans to “Find Your Fun”
in every colorful pair of shoes. Since its inception in 2002, Crocs
has sold more than 300 million pairs of shoes in more than 65
countries around the world.
Visit www.crocs.com for additional information.
The matters regarding the future discussed in this news release
include “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,
investments in our business and 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: macroeconomic issues, including, but not
limited to, the current global financial conditions; the effect of
competition in our industry; our ability to effectively manage our
future growth or declines in revenue; changing fashion trends; 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 November 9,
2016. We do not undertake any obligation to update publicly any
forward-looking statements, including, without limitation, any
estimate regarding revenues or earnings, whether as a result of the
receipt of new information, future events, or otherwise.
CROCS, INC. AND SUBSIDIARIES |
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED) |
(in thousands, except share and per share
amounts) |
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
2016 |
|
2015 |
|
2016 |
|
2015 |
Revenues |
$ |
245,888 |
|
|
$ |
274,088 |
|
|
$ |
848,856 |
|
|
$ |
881,952 |
|
Cost of sales |
123,454 |
|
|
153,267 |
|
|
427,416 |
|
|
443,891 |
|
Gross profit |
122,434 |
|
|
120,821 |
|
|
421,440 |
|
|
438,061 |
|
Selling, general and
administrative expenses |
122,719 |
|
|
135,110 |
|
|
386,112 |
|
|
429,815 |
|
Asset impairment
charges |
930 |
|
|
5,460 |
|
|
1,695 |
|
|
7,535 |
|
Restructuring charges |
— |
|
|
981 |
|
|
— |
|
|
7,454 |
|
Income (loss) from operations |
(1,215 |
) |
|
(20,730 |
) |
|
33,633 |
|
|
(6,743 |
) |
Foreign currency
transaction gain (loss), net |
1,379 |
|
|
(2,908 |
) |
|
(1,568 |
) |
|
(2,631 |
) |
Interest income |
178 |
|
|
268 |
|
|
558 |
|
|
752 |
|
Interest expense |
(184 |
) |
|
(171 |
) |
|
(661 |
) |
|
(650 |
) |
Other income (expense),
net |
(1 |
) |
|
405 |
|
|
(108 |
) |
|
(6 |
) |
Income (loss) before income
taxes |
157 |
|
|
(23,136 |
) |
|
31,854 |
|
|
(9,278 |
) |
Income tax expense |
(1,690 |
) |
|
(888 |
) |
|
(7,704 |
) |
|
(3,745 |
) |
Net income (loss) |
$ |
(1,533 |
) |
|
$ |
(24,024 |
) |
|
$ |
24,150 |
|
|
$ |
(13,023 |
) |
|
|
|
|
|
|
|
|
Dividends on Series A
convertible preferred stock |
$ |
(3,000 |
) |
|
$ |
(3,000 |
) |
|
$ |
(9,000 |
) |
|
$ |
(8,833 |
) |
Dividend equivalents on
Series A convertible preferred shares related to redemption
value accretion and beneficial conversion feature |
(819 |
) |
|
(752 |
) |
|
(2,406 |
) |
|
(2,209 |
) |
Net income (loss) attributable to
common stockholders |
$ |
(5,352 |
) |
|
$ |
(27,776 |
) |
|
$ |
12,744 |
|
|
$ |
(24,065 |
) |
Net income (loss) per
common share: |
|
|
|
|
|
|
|
Basic |
$ |
(0.07 |
) |
|
$ |
(0.37 |
) |
|
$ |
0.15 |
|
|
$ |
(0.32 |
) |
Diluted |
$ |
(0.07 |
) |
|
$ |
(0.37 |
) |
|
$ |
0.14 |
|
|
$ |
(0.32 |
) |
|
|
|
|
|
|
|
|
Weighted average shares
outstanding used in computing earnings per share |
|
|
|
|
|
|
|
Basic |
73,493 |
|
|
74,332 |
|
|
73,323 |
|
|
76,318 |
|
Diluted |
73,493 |
|
|
74,332 |
|
|
74,730 |
|
|
76,318 |
|
|
CROCS, INC. AND SUBSIDIARIES |
CONSOLIDATED BALANCE SHEETS
(UNAUDITED) |
(in thousands) |
|
|
September 30,
2016 |
|
December 31,
2015 |
ASSETS |
|
|
|
Current
assets: |
|
|
|
Cash and cash equivalents |
$ |
150,216 |
|
|
$ |
143,341 |
|
Accounts receivable, net of
allowances of $50,412 and $49,364, respectively |
101,651 |
|
|
83,616 |
|
Inventories |
169,376 |
|
|
168,192 |
|
Income tax receivable |
6,979 |
|
|
10,233 |
|
Other receivables |
17,793 |
|
|
14,233 |
|
Prepaid expenses and other
assets |
29,925 |
|
|
26,334 |
|
Total current assets |
475,940 |
|
|
445,949 |
|
Property
and equipment, net of accumulated depreciation of $104,213 and
$97,650, respectively |
45,820 |
|
|
49,490 |
|
Intangible
assets, net |
75,740 |
|
|
82,297 |
|
Goodwill |
2,586 |
|
|
1,973 |
|
Deferred
tax assets, net |
6,699 |
|
|
6,608 |
|
Other
assets |
18,388 |
|
|
21,703 |
|
Total assets |
$ |
625,173 |
|
|
$ |
608,020 |
|
LIABILITIES
AND STOCKHOLDERS’ EQUITY |
|
|
|
Current
liabilities: |
|
|
|
Accounts payable |
$ |
50,881 |
|
|
$ |
63,336 |
|
Accrued expenses and other
liabilities |
90,194 |
|
|
92,573 |
|
Income taxes payable |
9,173 |
|
|
6,416 |
|
Current portion of borrowings and
capital lease obligations |
3,593 |
|
|
4,772 |
|
Total current liabilities |
153,841 |
|
|
167,097 |
|
Long-term
income tax payable |
4,965 |
|
|
4,547 |
|
Long-term
borrowings and capital lease obligations |
27 |
|
|
1,627 |
|
Other
liabilities |
13,848 |
|
|
13,120 |
|
Total liabilities |
172,681 |
|
|
186,391 |
|
|
|
|
|
Series A convertible preferred stock |
178,063 |
|
|
175,657 |
|
Stockholders’ equity: |
|
|
|
Preferred stock |
— |
|
|
— |
|
Common stock |
94 |
|
|
94 |
|
Treasury stock, at cost |
(284,176 |
) |
|
(283,913 |
) |
Additional paid-in capital |
361,688 |
|
|
353,241 |
|
Retained earnings |
241,205 |
|
|
227,463 |
|
Accumulated other comprehensive
loss |
(44,382 |
) |
|
(50,913 |
) |
Total stockholders’ equity |
274,429 |
|
|
245,972 |
|
Total liabilities and stockholders’
equity |
$ |
625,173 |
|
|
$ |
608,020 |
|
|
CROCS, INC. AND
SUBSIDIARIESRECONCILIATION OF GAAP MEASURES TO
NON-GAAP MEASURES(UNAUDITED)
In addition to financial measures presented on the basis of
accounting principles generally accepted in the United States of
America (“GAAP”), we present “Non-GAAP selling, general, and
administrative expenses”, “Non-GAAP cost of sales”, and “Non-GAAP
adjusted net income (loss) attributable to common stockholders”,
which are non-GAAP financial measures. Adjusted results exclude the
impact of items that management believes affect the comparability
or underlying business trends in our consolidated financial
statements in the periods presented.
We also present certain information related to our current
period results of operations through “constant currency”, which is
a non-GAAP financial measure and should be viewed as a supplement
to our results of operations and presentation of reportable
segments under GAAP. Constant currency represents current period
results that have been recasted using prior year average foreign
exchange rates for the comparative period to enhance the visibility
of the underlying business trends excluding the impact of foreign
currency exchange rate fluctuations.
Management uses adjusted results to assist in comparing business
trends from period to period on a consistent non-GAAP basis in
communications with the board of directors, stockholders, analysts,
and investors concerning our financial performance. We believe that
these non-GAAP measures are useful to investors and other users of
our consolidated financial statements as an additional tool for
evaluating operating performance. We believe they also provide a
useful baseline for analyzing trends in our operations. Investors
should not consider these non-GAAP measures in isolation from, or
as a substitute for, financial information prepared in accordance
with GAAP.
CROCS, INC. AND SUBSIDIARIES |
RECONCILIATION OF GAAP MEASURES TO NON-GAAP
MEASURES |
(UNAUDITED) |
|
|
Three Months Ended September
30, |
|
Nine Months Ended September
30, |
|
2016 |
|
2015 |
|
2016 |
|
2015 |
|
(in thousands) |
Selling, general and
administrative expenses reconciliation: |
|
|
|
|
|
|
|
GAAP selling, general and
administrative expenses |
$ |
122,719 |
|
|
$ |
135,110 |
|
|
$ |
386,112 |
|
|
$ |
429,815 |
|
Reorganization charges (1) |
— |
|
|
(573 |
) |
|
(458 |
) |
|
(4,126 |
) |
Customs audit settlements (2) |
— |
|
|
— |
|
|
(354 |
) |
|
— |
|
ERP implementation (3) |
— |
|
|
(712 |
) |
|
— |
|
|
(9,099 |
) |
Improper disbursements and related
legal fees (4) |
— |
|
|
(631 |
) |
|
— |
|
|
(5,653 |
) |
Legal settlements (5) |
— |
|
|
(234 |
) |
|
— |
|
|
(2,035 |
) |
Total adjustments |
— |
|
|
(2,150 |
) |
|
(812 |
) |
|
(20,913 |
) |
Non-GAAP selling, general and
administrative expenses |
$ |
122,719 |
|
|
$ |
132,960 |
|
|
$ |
385,300 |
|
|
$ |
408,902 |
|
|
Three Months Ended September
30, |
|
Nine Months Ended September
30, |
|
2016 |
|
2015 |
|
2016 |
|
2015 |
|
(in thousands) |
Cost of sales
reconciliation: |
|
|
|
|
|
|
|
GAAP cost of sales |
$ |
123,454 |
|
|
$ |
153,267 |
|
|
$ |
427,416 |
|
|
$ |
443,891 |
|
Customs audit settlements (6)
|
(3,344 |
) |
|
|
— |
|
|
(2,694 |
) |
|
— |
|
Statutory audits (7)
|
|
— |
|
|
|
— |
|
|
— |
|
|
(1,000 |
) |
Non-GAAP cost of sales |
$ |
120,110 |
|
|
$ |
153,267 |
|
|
$ |
424,722 |
|
|
$ |
442,891 |
|
|
Three Months Ended September
30, |
|
Nine Months Ended September
30, |
|
2016 |
|
2015 |
|
2016 |
|
2015 |
|
(in thousands) |
Net income (loss)
attributable to common stockholders reconciliation: |
|
|
|
|
|
|
|
GAAP net income (loss) attributable
to common stockholders |
$ |
(5,352 |
) |
|
$ |
(27,776 |
) |
|
$ |
12,744 |
|
|
$ |
(24,065 |
) |
Customs audit settlements (2,
6) |
3,344 |
|
|
— |
|
|
3,048 |
|
|
— |
|
Reorganization charges (1) |
— |
|
|
573 |
|
|
458 |
|
|
4,126 |
|
Asset impairment charges (8) |
— |
|
|
5,460 |
|
|
— |
|
|
7,535 |
|
Restructuring charges (9) |
— |
|
|
981 |
|
|
— |
|
|
7,454 |
|
ERP implementation (3) |
— |
|
|
712 |
|
|
— |
|
|
9,099 |
|
Improper disbursements and related
legal fees (4) |
— |
|
|
631 |
|
|
— |
|
|
5,653 |
|
Legal settlements (5) |
— |
|
|
234 |
|
|
— |
|
|
2,035 |
|
Statutory audits (7) |
— |
|
|
— |
|
|
— |
|
|
1,000 |
|
Total adjustments |
3,344 |
|
|
8,591 |
|
|
3,506 |
|
|
36,902 |
|
Non-GAAP adjusted net income (loss)
attributable to common stockholders |
$ |
(2,008 |
) |
|
$ |
(19,185 |
) |
|
$ |
16,250 |
|
|
$ |
12,837 |
|
__________________(1) Relates to severance expense, bonuses,
store closure costs, consulting fees, and other expenses related to
reorganization activities and our investment agreement with
Blackstone.
(2) Represents penalties and fees related to customs audit
settlements.
(3) Represents operating expenses incurred in 2015 related to
the implementation of the new ERP system.
(4) Represents invalid disbursements and related legal expenses
that occurred in 2015.
(5) Relates primarily to legal expenses for matters surrounding
California wage settlements that occurred in 2015.
(6) Represents the increase or release
of tariff reserves related to customs audit
settlements.
(7) Represents expenses incurred related to statutory
audits.
(8) Represents retail asset impairment charges for certain
underperforming locations in our Americas, Asia Pacific, and Europe
operating segments.
(9) Relates to bonuses, consulting fees, and other expenses
related to restructuring activities that concluded in December
2015.
CROCS, INC. SUBSIDIARIES |
REVENUES BY SEGMENT AND CHANNEL |
(UNAUDITED) |
|
|
Three Months
Ended September 30, |
|
Change |
|
Constant Currency Change (1) |
|
2016 |
|
2015 |
|
$ |
|
% |
|
$ |
|
% |
|
(in thousands) |
Wholesale: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas |
$ |
41,389 |
|
|
$ |
48,880 |
|
|
$ |
(7,491 |
) |
|
(15.3 |
)% |
|
$ |
(6,913 |
) |
|
(14.1 |
)% |
Asia Pacific |
|
45,565 |
|
|
53,411 |
|
|
|
(7,846 |
) |
|
(14.7 |
)% |
|
|
(10,822 |
) |
|
(20.3 |
)% |
Europe |
|
21,909 |
|
|
30,260 |
|
|
|
(8,351 |
) |
|
(27.6 |
)% |
|
|
(8,288 |
) |
|
(27.4 |
)% |
Other businesses |
|
271 |
|
|
418 |
|
|
|
(147 |
) |
|
(35.2 |
)% |
|
|
(150 |
) |
|
(35.9 |
)% |
Total wholesale |
|
109,134 |
|
|
132,969 |
|
|
|
(23,835 |
) |
|
(17.9 |
)% |
|
|
(26,173 |
) |
|
(19.7 |
)% |
Retail: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas |
|
56,607 |
|
|
59,468 |
|
|
|
(2,861 |
) |
|
(4.8 |
)% |
|
|
(2,818 |
) |
|
(4.7 |
)% |
Asia Pacific |
|
37,259 |
|
|
38,374 |
|
|
|
(1,115 |
) |
|
(2.9 |
)% |
|
|
(2,626 |
) |
|
(6.8 |
)% |
Europe |
|
13,194 |
|
|
13,813 |
|
|
|
(619 |
) |
|
(4.5 |
)% |
|
|
(150 |
) |
|
(1.1 |
)% |
Total retail |
|
107,060 |
|
|
111,655 |
|
|
|
(4,595 |
) |
|
(4.1 |
)% |
|
|
(5,594 |
) |
|
(5.0 |
)% |
E-commerce: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas |
|
16,662 |
|
|
16,321 |
|
|
|
341 |
|
|
2.1 |
% |
|
|
351 |
|
|
2.2 |
% |
Asia Pacific |
|
8,096 |
|
|
7,094 |
|
|
|
1,002 |
|
|
14.1 |
% |
|
|
801 |
|
|
11.3 |
% |
Europe |
|
4,936 |
|
|
6,049 |
|
|
|
(1,113 |
) |
|
(18.4 |
)% |
|
|
(1,105 |
) |
|
(18.3 |
)% |
Total e-commerce |
|
29,694 |
|
|
29,464 |
|
|
|
230 |
|
|
0.8 |
% |
|
|
47 |
|
|
0.2 |
% |
Total revenues |
$ |
245,888 |
|
|
$ |
274,088 |
|
|
$ |
(28,200 |
) |
|
(10.3 |
)% |
|
$ |
(31,720 |
) |
|
(11.6 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas |
$ |
114,658 |
|
|
$ |
124,669 |
|
|
$ |
(10,011 |
) |
|
(8.0 |
)% |
|
$ |
(9,380 |
) |
|
(7.5 |
)% |
Asia Pacific |
|
90,920 |
|
|
98,879 |
|
|
|
(7,959 |
) |
|
(8.0 |
)% |
|
|
(12,647 |
) |
|
(12.8 |
)% |
Europe |
|
40,039 |
|
|
50,122 |
|
|
|
(10,083 |
) |
|
(20.1 |
)% |
|
|
(9,543 |
) |
|
(19.0 |
)% |
Total segment revenues |
|
245,617 |
|
|
273,670 |
|
|
|
(28,053 |
) |
|
(10.3 |
)% |
|
|
(31,570 |
) |
|
(11.5 |
)% |
Other businesses |
|
271 |
|
|
418 |
|
|
|
(147 |
) |
|
(35.2 |
)% |
|
|
(150 |
) |
|
(35.9 |
)% |
Total consolidated revenues
|
$ |
245,888 |
|
|
$ |
274,088 |
|
|
$ |
(28,200 |
) |
|
(10.3 |
)% |
|
$ |
(31,720 |
) |
|
(11.6 |
)% |
____________________(1) Reflects year over year change as
if the current period results were in “constant currency,” which is
a non-GAAP financial measure. See “Use of Non-GAAP Financial
Measures” above for more information.
CROCS, INC. SUBSIDIARIES |
REVENUES BY SEGMENT AND CHANNEL |
(UNAUDITED) |
|
|
Nine Months Ended September 30, |
|
Change |
|
Constant Currency Change (1) |
|
2016 |
|
2015 |
|
$ |
|
% |
|
$ |
|
% |
|
(in thousands) |
Wholesale: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas |
$ |
170,165 |
|
|
$ |
175,306 |
|
|
$ |
(5,141 |
) |
|
(2.9 |
)% |
|
$ |
(1,654 |
) |
|
(0.9 |
)% |
Asia Pacific |
|
197,359 |
|
|
218,730 |
|
|
|
(21,371 |
) |
|
(9.8 |
)% |
|
|
(23,853 |
) |
|
(10.9 |
)% |
Europe |
|
97,163 |
|
|
105,719 |
|
|
|
(8,556 |
) |
|
(8.1 |
)% |
|
|
(7,591 |
) |
|
(7.2 |
)% |
Other businesses |
|
667 |
|
|
970 |
|
|
|
(303 |
) |
|
(31.2 |
)% |
|
|
(306 |
) |
|
(31.5 |
)% |
Total wholesale |
|
465,354 |
|
|
500,725 |
|
|
|
(35,371 |
) |
|
(7.1 |
)% |
|
|
(33,404 |
) |
|
(6.7 |
)% |
Retail: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas |
|
150,142 |
|
|
152,394 |
|
|
|
(2,252 |
) |
|
(1.5 |
)% |
|
|
(1,976 |
) |
|
(1.3 |
)% |
Asia Pacific |
|
101,097 |
|
|
107,619 |
|
|
|
(6,522 |
) |
|
(6.1 |
)% |
|
|
(6,981 |
) |
|
(6.5 |
)% |
Europe |
|
34,699 |
|
|
36,747 |
|
|
|
(2,048 |
) |
|
(5.6 |
)% |
|
|
(264 |
) |
|
(0.7 |
)% |
Total retail |
|
285,938 |
|
|
296,760 |
|
|
|
(10,822 |
) |
|
(3.6 |
)% |
|
|
(9,221 |
) |
|
(3.1 |
)% |
E-commerce: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas |
|
53,579 |
|
|
45,857 |
|
|
|
7,722 |
|
|
16.8 |
% |
|
|
7,882 |
|
|
17.2 |
% |
Asia Pacific |
|
27,812 |
|
|
21,862 |
|
|
|
5,950 |
|
|
27.2 |
% |
|
|
6,298 |
|
|
28.8 |
% |
Europe |
|
16,173 |
|
|
16,748 |
|
|
|
(575 |
) |
|
(3.4 |
)% |
|
|
(616 |
) |
|
(3.7 |
)% |
Total e-commerce |
|
97,564 |
|
|
84,467 |
|
|
|
13,097 |
|
|
15.5 |
% |
|
|
13,564 |
|
|
16.1 |
% |
Total revenues |
$ |
848,856 |
|
|
$ |
881,952 |
|
|
$ |
(33,096 |
) |
|
(3.8 |
)% |
|
$ |
(29,061 |
) |
|
(3.3 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas |
$ |
373,886 |
|
|
$ |
373,557 |
|
|
$ |
329 |
|
|
0.1 |
% |
|
$ |
4,252 |
|
|
1.1 |
% |
Asia Pacific |
|
326,268 |
|
|
348,211 |
|
|
|
(21,943 |
) |
|
(6.3 |
)% |
|
|
(24,536 |
) |
|
(7.0 |
)% |
Europe |
|
148,035 |
|
|
159,214 |
|
|
|
(11,179 |
) |
|
(7.0 |
)% |
|
|
(8,471 |
) |
|
(5.3 |
)% |
Total segment revenues |
|
848,189 |
|
|
880,982 |
|
|
|
(32,793 |
) |
|
(3.7 |
)% |
|
|
(28,755 |
) |
|
(3.3 |
)% |
Other businesses |
|
667 |
|
|
970 |
|
|
|
(303 |
) |
|
(31.2 |
)% |
|
|
(306 |
) |
|
(31.5 |
)% |
Total consolidated revenues
|
$ |
848,856 |
|
|
$ |
881,952 |
|
|
$ |
(33,096 |
) |
|
(3.8 |
)% |
|
$ |
(29,061 |
) |
|
(3.3 |
)% |
____________________(1) Reflects year over year change as
if the current period results were in “constant currency,” which is
a non-GAAP financial measure. See “Use of Non-GAAP Financial
Measures” above for more information.
CROCS, INC. SUBSIDIARIES |
RETAIL STORE COUNTS |
(UNAUDITED) |
|
|
June
30, 2016 |
|
Opened |
|
Closed |
|
September 30, 2016 |
Company-operated retail
locations |
|
|
|
|
|
|
|
Type |
|
|
|
|
|
|
|
Kiosk/store in store |
103 |
|
|
3 |
|
|
7 |
|
|
99 |
|
Retail stores |
253 |
|
|
4 |
|
|
20 |
|
|
237 |
|
Outlet stores |
202 |
|
|
16 |
|
|
— |
|
|
218 |
|
Total |
558 |
|
|
23 |
|
|
27 |
|
|
554 |
|
Operating segment |
|
|
|
|
|
|
|
Americas |
195 |
|
|
— |
|
|
4 |
|
|
191 |
|
Asia Pacific |
258 |
|
|
22 |
|
|
16 |
|
|
264 |
|
Europe |
105 |
|
|
1 |
|
|
7 |
|
|
99 |
|
Total |
558 |
|
|
23 |
|
|
27 |
|
|
554 |
|
|
December 31, 2015 |
|
Opened |
|
Closed |
|
September 30, 2016 |
Company-operated retail
locations |
|
|
|
|
|
|
|
Type |
|
|
|
|
|
|
|
Kiosk/store in store |
98 |
|
|
12 |
|
|
11 |
|
|
99 |
|
Retail stores |
275 |
|
|
14 |
|
|
52 |
|
|
237 |
|
Outlet stores |
186 |
|
|
34 |
|
|
2 |
|
|
218 |
|
Total |
559 |
|
|
60 |
|
|
65 |
|
|
554 |
|
Operating segment |
|
|
|
|
|
|
|
Americas |
196 |
|
|
3 |
|
|
8 |
|
|
191 |
|
Asia Pacific |
261 |
|
|
49 |
|
|
46 |
|
|
264 |
|
Europe (1) |
102 |
|
|
8 |
|
|
11 |
|
|
99 |
|
Total |
559 |
|
|
60 |
|
|
65 |
|
|
554 |
|
___________________(1) Includes retail locations acquired
in Austria on March 31, 2016 as revenues associated with those
locations began to be recognized in the three months ended June 30,
2016.
CROCS, INC. AND SUBSIDIARIES |
COMPARABLE STORE SALES |
RETAIL AND DIRECT TO CONSUMER |
(UNAUDITED) |
|
|
Constant Currency (2) |
|
Three Months Ended September 30,
2016 |
|
Three Months Ended September 30,
2015 |
Comparable store sales
(retail only) (1) |
|
|
|
Americas |
(2.8 |
)% |
|
(1.6 |
)% |
Asia Pacific |
(5.8 |
)% |
|
(1.5 |
)% |
Europe |
(0.9 |
)% |
|
2.9 |
% |
Global |
(3.5 |
)% |
|
(0.9 |
)% |
|
Constant Currency (2) |
|
Three Months Ended September 30,
2016 |
|
Three Months Ended September 30,
2015 |
Direct to Consumer
comparable store sales (includes retail and e-commerce) (1)
|
|
|
|
Americas |
(1.7 |
)% |
|
4.3 |
% |
Asia Pacific |
(2.4 |
)% |
|
4.1 |
% |
Europe |
(6.7 |
)% |
|
7.1 |
% |
Global |
(2.6 |
)% |
|
4.7 |
% |
|
Constant Currency (2) |
|
Nine Months Ended September 30,
2016 |
|
Nine Months Ended September 30,
2015 |
Comparable store sales
(retail only) (1) |
|
|
|
Americas |
(1.4 |
)% |
|
(3.2 |
)% |
Asia Pacific |
(4.4 |
)% |
|
(6.7 |
)% |
Europe |
2.1 |
% |
|
2.5 |
% |
Global |
(2.0 |
)% |
|
(3.6 |
)% |
|
Constant Currency (2) |
|
Nine Months Ended September 30,
2016 |
|
Nine Months Ended September 30,
2015 |
Direct to Consumer
comparable store sales (includes retail and e-commerce) (1)
|
|
|
|
Americas |
3.0 |
% |
|
2.2 |
% |
Asia Pacific |
2.3 |
% |
|
(4.9 |
)% |
Europe |
0.3 |
% |
|
6.6 |
% |
Global |
2.4 |
% |
|
0.7 |
% |
_________________(1) Comparable store status is determined on a
monthly basis. Comparable store sales includes the revenues of
stores that have been in operation for more than twelve months.
Stores in which selling square footage has changed more than 15% as
a result of a remodel, expansion, or reduction are excluded until
the thirteenth month in which they have comparable prior year
sales. Temporarily closed stores are excluded from the comparable
store sales calculation during the month of closure. Location
closures in excess of three months are excluded until the
thirteenth month post re-opening. E-commerce revenues are based on
same site sales period over period.
(2) Reflects year over year change as if the current
period results were in “constant currency,” which is a non-GAAP
financial measure. See “Use of Non-GAAP Financial Measures” above
for more information.
Investor Contact:
Brendon Frey, ICR
(203) 682-8200
Brendon.Frey@icrinc.com
Media Contact:
Patrick Rich, Crocs, Inc.
(303) 848-7000
prich@crocs.com
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