Crocs, Inc. (NASDAQ:CROX) a world leader in innovative casual
footwear for men, women and children, today announced its financial
results for the second quarter of 2017. These results cover
the three months ended June 30, 2017, and are compared to the
three months ended June 30, 2016.
Andrew Rees, President and Chief Executive
Officer, said, “During the second quarter, we continued to
revitalize the Crocs brand and drive improvement in the quality of
our revenues. A favorable response to our Spring/Summer 2017
collection, particularly as it relates to clogs and sandals, drove
solid growth in these silhouettes. A focus on our core molded
products and effective inventory management enabled us to deliver
gross margins which exceeded guidance, while our intense focus on
expense management kept SG&A below projected levels. We
are optimistic about the early response to our Fall/Holiday 2017
collection, and anticipate that the positive sentiment seen to date
will continue throughout the second half of the year, despite the
challenging retail environment."
Second Quarter 2017 Operating Results:
- Revenues, at the high end of our guidance, came in at $313.2
million. On a constant currency basis, revenues decreased 2.7%,
compared to the second quarter of 2016. We continued to
execute against plans to improve the quality of our revenues and
strengthen our brand.
- Second quarter gross margin rose 180 basis points to 54.2%
compared to last year’s second quarter. Improved product and
better management of inventory enabled us to generate higher
quality revenues. We also benefited from the continued shift
toward more molded product.
- Selling, general and administrative expenses ("SG&A") were
$140.4 million compared to $149.0 million in the second quarter of
2016, a decrease of 5.8%. As a percent of revenues, SG&A
improved 120 basis points. Our second quarter 2017 SG&A
results include $1.8 million of costs relating to our SG&A
reduction initiative. The right sizing of our store fleet,
operational efficiencies, and a disciplined approach to expense
management, coupled with some timing and approximately $1.0 million
in recovery of bad debt previously reserved for in China,
contributed to this improvement.
- Net income attributable to common stockholders was $18.1
million, or $0.20 per diluted share. Excluding $1.8 million
related to our SG&A reduction initiatives, the Company reported
non-GAAP net income attributable to common stockholders(1) of $19.9
million. In the second quarter of 2016, our net income
attributable to common stockholders was $11.7 million, or $0.13 per
diluted share, and our non-GAAP adjusted net income attributable to
common stockholders was $12.0 million.
- For the quarter ended June 30, 2017, we had 74.6 million
weighted average diluted common shares outstanding.
Balance Sheet and Cash Flow Highlights:
- Cash and cash equivalents as of June 30, 2017 were $157.0
million, compared to $146.7 million as of June 30,
2016.
- Inventory was $155.7 million as of June 30, 2017, compared
to $169.9 million as of June 30, 2016. This reflects our
ongoing efforts to carefully manage inventory and improve the
quality of goods on hand.
- Cash provided by operating activities was $39.4 million during
the first six months of 2017, compared to $19.8 million during the
first six months of 2016.
- Capital expenditures totaled $6.8 million during the second
quarter of 2017, compared to $6.9 million during the second quarter
of 2016.
- Cash used by financing activities includes $10.0 million used
to repurchase 1.4 million shares of our common stock.
Financial Outlook
Third Quarter 2017:
- The Company expects third quarter 2017 revenues to be between
$230 and $240 million.
- The Company expects gross margin for the third quarter to be
essentially flat to the third quarter of 2016. Our gross
margin in the third quarter of 2016 included a benefit of more than
200 basis points due to a favorable inventory
adjustment.
- The Company expects SG&A to be down approximately $3
million to last year, including approximately $2 million of charges
associated with our SG&A reduction initiative.
Full Year 2017:
- The Company continues to expect 2017 revenues to be down low
single digits compared to 2016. This is reflective of the
various business model changes taking place throughout the year,
and an accelerated pace of store closings.
- The Company continues to expect gross margin for 2017 to be
approximately 50%.
- The Company now expects SG&A for 2017 to be between $490
and $495 million. This is down from our previous guidance,
and $10 to $15 million below the 2016 SG&A of $506.3 million.
This lower range reflects the improvement realized in the second
quarter, as well as the accelerated pace at which we are reducing
company-operated stores. Included in the range is $7 to $10
million of charges associated with our SG&A reduction
plan.
______________________________________________________________(1)
Refer to "Reconciliation of GAAP Measures to Non-GAAP Measures"
below for a description of and reconciliation of GAAP to non-GAAP
measures.
Conference Call Information:
A conference call to discuss second quarter 2017
results is scheduled for today, Wednesday, August 9, 2017, at 8:30
am EDT. 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 45276571. The call will also be streamed on
the Crocs website, www.crocs.com. An audio recording of the
conference call will be available at www.crocs.com through
August 9, 2018.
About Crocs, Inc.:
Crocs, Inc. (NASDAQ:CROX) 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 and
non-marking qualities that Crocs fans know and love.
Visit www.crocs.com for additional information.
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 and SG&A 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
August 9, 2017. We do not undertake any obligation to update
publicly any forward-looking statements, including, without
limitation, any estimate regarding revenues, gross margin or
SG&A, whether as a result of the receipt of new information,
future events, or otherwise.
CROCS, INC. AND
SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS (UNAUDITED)(in thousands, except per
share data) |
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
Revenues |
$ |
313,221 |
|
|
$ |
323,828 |
|
|
$ |
581,128 |
|
|
$ |
602,968 |
|
Cost of sales |
143,414 |
|
|
154,188 |
|
|
277,737 |
|
|
303,962 |
|
Gross
profit |
169,807 |
|
|
169,640 |
|
|
303,391 |
|
|
299,006 |
|
Selling, general and
administrative expenses |
140,361 |
|
|
149,035 |
|
|
258,363 |
|
|
264,158 |
|
Income
from operations |
29,446 |
|
|
20,605 |
|
|
45,028 |
|
|
34,848 |
|
Foreign currency gain
(loss), net |
162 |
|
|
(1,700 |
) |
|
438 |
|
|
(2,947 |
) |
Interest income |
157 |
|
|
164 |
|
|
307 |
|
|
380 |
|
Interest expense |
(188 |
) |
|
(234 |
) |
|
(372 |
) |
|
(477 |
) |
Other income
(loss) |
9 |
|
|
(189 |
) |
|
133 |
|
|
(107 |
) |
Income
before income taxes |
29,586 |
|
|
18,646 |
|
|
45,534 |
|
|
31,697 |
|
Income tax expense |
7,627 |
|
|
3,109 |
|
|
12,564 |
|
|
6,014 |
|
Net
income |
21,959 |
|
|
15,537 |
|
|
32,970 |
|
|
25,683 |
|
Dividends on
Series A convertible preferred stock |
(3,000 |
) |
|
(3,000 |
) |
|
(6,000 |
) |
|
(6,000 |
) |
Dividend equivalents on
Series A convertible preferred shares related to redemption
value accretion and beneficial conversion feature |
(873 |
) |
|
(802 |
) |
|
(1,729 |
) |
|
(1,587 |
) |
Net
income attributable to common stockholders |
$ |
18,086 |
|
|
$ |
11,735 |
|
|
$ |
25,241 |
|
|
$ |
18,096 |
|
Net income per common
share: |
|
|
|
|
|
|
|
Basic |
$ |
0.21 |
|
|
$ |
0.13 |
|
|
$ |
0.29 |
|
|
$ |
0.21 |
|
Diluted |
$ |
0.20 |
|
|
$ |
0.13 |
|
|
$ |
0.29 |
|
|
$ |
0.20 |
|
|
|
|
|
|
|
|
|
Weighted
average common shares outstanding - basic |
73,953 |
|
|
73,389 |
|
|
73,882 |
|
|
73,238 |
|
Weighted
average common shares outstanding - diluted |
74,572 |
|
|
74,243 |
|
|
74,625 |
|
|
74,389 |
|
CROCS, INC. AND
SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)(in thousands, except par
value) |
|
|
June 30, 2017 |
|
December 31, 2016 |
ASSETS |
|
|
|
Current assets: |
|
|
|
Cash and
cash equivalents |
$ |
156,962 |
|
|
$ |
147,565 |
|
Accounts
receivable, net of allowances of $50,700 and $48,138,
respectively |
135,893 |
|
|
78,297 |
|
Inventories |
155,749 |
|
|
147,029 |
|
Income
tax receivable |
5,830 |
|
|
2,995 |
|
Other
receivables |
14,219 |
|
|
14,642 |
|
Restricted cash - current |
2,461 |
|
|
2,534 |
|
Prepaid
expenses and other assets |
25,052 |
|
|
32,413 |
|
Total
current assets |
496,166 |
|
|
425,475 |
|
Property and equipment,
net of accumulated depreciation and amortization of $93,929, and
$88,603, respectively |
41,018 |
|
|
44,090 |
|
Intangible assets,
net |
68,411 |
|
|
72,700 |
|
Goodwill |
1,615 |
|
|
1,480 |
|
Deferred tax assets,
net |
7,079 |
|
|
6,825 |
|
Restricted cash |
2,856 |
|
|
2,547 |
|
Other assets |
13,449 |
|
|
13,273 |
|
Total
assets |
$ |
630,594 |
|
|
$ |
566,390 |
|
LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
|
|
Current
liabilities: |
|
|
|
Accounts
payable |
$ |
82,980 |
|
|
$ |
61,927 |
|
Accrued
expenses and other liabilities |
84,900 |
|
|
78,282 |
|
Income
taxes payable |
14,978 |
|
|
6,593 |
|
Current
portion of borrowings and capital lease obligations |
1,722 |
|
|
2,338 |
|
Total
current liabilities |
184,580 |
|
|
149,140 |
|
Long-term income tax
payable |
4,865 |
|
|
4,464 |
|
Long-term capital lease
obligations |
40 |
|
|
40 |
|
Other liabilities |
13,766 |
|
|
13,462 |
|
Total
liabilities |
203,251 |
|
|
167,106 |
|
Commitments and
contingencies |
|
|
|
Series A
convertible preferred stock, 1.0 million authorized, 0.2 million
shares outstanding, liquidation preference $203 million |
180,629 |
|
|
178,901 |
|
Stockholders’
equity: |
|
|
|
Preferred
stock, par value $0.001 per share, 4.0 million shares authorized,
none outstanding |
— |
|
|
— |
|
Common
stock, par value $0.001 per share, 94.7 million and 93.9 million
issued, 73.0 million and 73.6 million shares outstanding,
respectively |
95 |
|
|
94 |
|
Treasury
stock, at cost, 21.7 million and 20.3 million shares,
respectively |
(294,252 |
) |
|
(284,237 |
) |
Additional paid-in capital |
368,036 |
|
|
364,397 |
|
Retained
earnings |
220,966 |
|
|
195,725 |
|
Accumulated other comprehensive loss |
(48,131 |
) |
|
(55,596 |
) |
Total
stockholders’ equity |
246,714 |
|
|
220,383 |
|
Total liabilities and stockholders’ equity |
$ |
630,594 |
|
|
$ |
566,390 |
|
CROCS, INC. AND
SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS (UNAUDITED)(in thousands) |
|
|
|
Six Months Ended June 30,
|
|
2017 |
|
2016 |
Cash flows from
operating activities: |
|
|
|
Net
income |
$ |
32,970 |
|
|
$ |
25,683 |
|
Adjustments to reconcile net income to net cash provided by
operating activities: |
|
|
|
|
|
|
|
Depreciation and amortization |
16,815 |
|
|
17,031 |
|
Unrealized gains on foreign exchange, net |
(1,744 |
) |
|
(4,884 |
) |
Share-based compensation |
3,945 |
|
|
5,898 |
|
Other
non-cash items |
(2,872 |
) |
|
1,685 |
|
Changes in operating assets and liabilities: |
|
|
|
Accounts
receivable, net of allowances |
(53,086 |
) |
|
(47,129 |
) |
Inventories |
(4,743 |
) |
|
2,148 |
|
Prepaid
expenses and other assets |
12,567 |
|
|
(5,107 |
) |
Accounts
payable, accrued expenses and other liabilities |
35,528 |
|
|
24,493 |
|
Cash provided by operating activities |
39,380 |
|
|
19,818 |
|
Cash flows from
investing activities: |
|
|
|
Cash paid
for purchases of property and equipment |
(4,958 |
) |
|
(10,280 |
) |
Proceeds
from disposal of property and equipment |
1,506 |
|
|
2,428 |
|
Cash paid
for intangible assets |
(7,273 |
) |
|
(2,561 |
) |
Change in
restricted cash |
30 |
|
|
(845 |
) |
Cash used in investing activities |
(10,695 |
) |
|
(11,258 |
) |
Cash flows from
financing activities: |
|
|
|
Proceeds
from bank borrowings |
5,500 |
|
|
29,582 |
|
Repayments of bank borrowings and capital lease obligations |
(7,565 |
) |
|
(30,662 |
) |
Dividends—Series A preferred stock |
(6,000 |
) |
|
(6,000 |
) |
Repurchases of common stock |
(10,000 |
) |
|
— |
|
Other |
(240 |
) |
|
(363 |
) |
Cash used in financing activities |
(18,305 |
) |
|
(7,443 |
) |
Effect of
exchange rate changes on cash |
(983 |
) |
|
2,204 |
|
Net change in cash and cash
equivalents |
9,397 |
|
|
3,321 |
|
Cash and cash equivalents—beginning of period |
89,080 |
|
|
143,341 |
|
Cash and cash equivalents—end of period |
$ |
98,477 |
|
|
$ |
146,662 |
|
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 (“U.S. GAAP”), we present “Non-GAAP selling,
general, and administrative expenses” and “Non-GAAP net income
attributable to common stockholders”, which are non-GAAP financial
measures. Non-GAAP results exclude the impact of items that
management believes affect the comparability or underlying business
trends in our condensed 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 U.S. GAAP. Constant
currency represents current period results that have been
retranslated using exchange rates used in the prior year
comparative period to enhance the visibility of the underlying
business trends excluding the impact of foreign currency exchange
rate fluctuations.
Management uses non-GAAP results to assist in
comparing business trends from period to period on a consistent
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 condensed 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 U.S. GAAP.
CROCS, INC. AND
SUBSIDIARIESRECONCILIATION OF GAAP MEASURES TO
NON-GAAP MEASURES(UNAUDITED) |
|
|
|
Three Months Ended June 30,
|
|
2017 |
|
2016 |
|
(in thousands) |
Selling, general and
administrative expenses reconciliation:
|
|
|
|
U.S. GAAP
SG&A expenses |
$ |
140,361 |
|
|
$ |
149,035 |
|
Reorganization charges (1) |
(767 |
) |
|
(274 |
) |
Strategic
consulting services (2) |
(280 |
) |
|
— |
|
Legal
settlement (3) |
(220 |
) |
|
— |
|
Financing
fees (4) |
(557 |
) |
|
— |
|
Total
adjustments |
(1,824 |
) |
|
(274 |
) |
Non-GAAP SG&A expenses |
$ |
138,537 |
|
|
$ |
148,761 |
|
|
Three Months Ended June 30,
|
|
2017 |
|
2016 |
|
(in thousands) |
Net income attributable
to common stockholders reconciliation: |
|
|
|
GAAP net
income attributable to common stockholders |
$ |
18,086 |
|
|
$ |
11,735 |
|
Reorganization charges (1) |
767 |
|
|
274 |
|
Strategic
consulting services (2) |
280 |
|
|
— |
|
Legal
settlement (3) |
220 |
|
|
— |
|
Financing
fees (4) |
557 |
|
|
|
Total adjustments |
1,824 |
|
|
274 |
|
Non-GAAP net income attributable to common stockholders
|
$ |
19,910 |
|
|
$ |
12,009 |
|
__________________(1) Represents severance and other expenses
related to reorganization
activities.
(2) Represents operating expenses incurred in 2017 related to
strategic consulting.
(3) Represents legal settlement during the quarter.
(4) Represents write-off of deferred financing fees.
Selling, general and
administrative expenses reconciliation:
|
|
|
GAAP
SG&A |
|
$495
to $500 |
Charges
associated with reduction initiatives |
|
$7 to $10 |
Non-GAAP SG&A |
|
Approximately $490 |
CROCS, INC. AND
SUBSIDIARIESREVENUES BY
CHANNEL(UNAUDITED) |
|
|
Three Months Ended June
30, |
|
Change |
|
Constant Currency Change
(1) |
|
2017 |
|
2016 |
|
$ |
|
% |
|
$ |
|
% |
|
(in thousands) |
Wholesale: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas |
$ |
57,307 |
|
|
$ |
54,620 |
|
|
$ |
2,687 |
|
|
4.9 |
% |
|
$ |
2,516 |
|
|
4.6 |
% |
Asia
Pacific |
|
65,146 |
|
|
74,640 |
|
|
|
(9,494 |
) |
|
(12.7 |
)% |
|
|
(8,541 |
) |
|
(11.4 |
)% |
Europe |
|
30,947 |
|
|
36,192 |
|
|
|
(5,245 |
) |
|
(14.5 |
)% |
|
|
(5,234 |
) |
|
(14.5 |
)% |
Other
businesses |
|
103 |
|
|
225 |
|
|
|
(122 |
) |
|
(54.2 |
)% |
|
|
(121 |
) |
|
(53.8 |
)% |
Total
wholesale |
|
153,503 |
|
|
165,677 |
|
|
|
(12,174 |
) |
|
(7.3 |
)% |
|
|
(11,380 |
) |
|
(6.9 |
)% |
Retail: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas |
|
55,576 |
|
|
57,786 |
|
|
|
(2,210 |
) |
|
(3.8 |
)% |
|
|
(2,108 |
) |
|
(3.6 |
)% |
Asia
Pacific |
|
39,429 |
|
|
41,319 |
|
|
|
(1,890 |
) |
|
(4.6 |
)% |
|
|
(1,566 |
) |
|
(3.8 |
)% |
Europe |
|
13,071 |
|
|
13,950 |
|
|
|
(879 |
) |
|
(6.3 |
)% |
|
|
(1,138 |
) |
|
(8.2 |
)% |
Total
retail |
|
108,076 |
|
|
113,055 |
|
|
|
(4,979 |
) |
|
(4.4 |
)% |
|
|
(4,812 |
) |
|
(4.3 |
)% |
E-commerce: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas |
|
23,271 |
|
|
22,691 |
|
|
|
580 |
|
|
2.6 |
% |
|
|
659 |
|
|
2.9 |
% |
Asia
Pacific |
|
20,069 |
|
|
14,887 |
|
|
|
5,182 |
|
|
34.8 |
% |
|
|
6,008 |
|
|
40.4 |
% |
Europe |
|
8,302 |
|
|
7,518 |
|
|
|
784 |
|
|
10.4 |
% |
|
|
902 |
|
|
12.0 |
% |
Total
e-commerce |
|
51,642 |
|
|
45,096 |
|
|
|
6,546 |
|
|
14.5 |
% |
|
|
7,569 |
|
|
16.8 |
% |
Total
revenues |
$ |
313,221 |
|
|
$ |
323,828 |
|
|
$ |
(10,607 |
) |
|
(3.3 |
)% |
|
$ |
(8,623 |
) |
|
(2.7 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas |
$ |
136,154 |
|
|
$ |
135,097 |
|
|
$ |
1,057 |
|
|
0.8 |
% |
|
$ |
1,067 |
|
|
0.8 |
% |
Asia
Pacific |
|
124,644 |
|
|
130,846 |
|
|
|
(6,202 |
) |
|
(4.7 |
)% |
|
|
(4,099 |
) |
|
(3.1 |
)% |
Europe |
|
52,320 |
|
|
57,660 |
|
|
|
(5,340 |
) |
|
(9.3 |
)% |
|
|
(5,470 |
) |
|
(9.5 |
)% |
Total
segment revenues |
|
313,118 |
|
|
323,603 |
|
|
|
(10,485 |
) |
|
(3.2 |
)% |
|
|
(8,502 |
) |
|
(2.6 |
)% |
Other
businesses |
|
103 |
|
|
225 |
|
|
|
(122 |
) |
|
(54.2 |
)% |
|
|
(121 |
) |
|
(53.8 |
)% |
Total
revenues |
$ |
313,221 |
|
|
$ |
323,828 |
|
|
$ |
(10,607 |
) |
|
(3.3 |
)% |
|
$ |
(8,623 |
) |
|
(2.7 |
)% |
____________________
(1) Reflects year over year change as if the
current period results were in “constant currency”, which is a
non-GAAP financial measure. See "Reconciliation of GAAP
Measures to Non-GAAP Measures" above for more information.
CROCS, INC. AND
SUBSIDIARIESREVENUES BY
CHANNEL(UNAUDITED) |
|
|
|
|
|
|
|
|
|
Six Months Ended June 30,
|
|
Change |
|
Constant Currency Change
(1) |
|
|
2017 |
|
2016 |
|
$ |
|
% |
|
$ |
|
% |
|
(in thousands) |
Wholesale: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas |
|
$ |
128,333 |
|
|
$ |
128,775 |
|
|
|
$ |
(442 |
) |
|
(0.3 |
)% |
|
|
$ |
(1,762 |
) |
|
(1.4 |
)% |
Asia Pacific |
|
136,081 |
|
|
151,793 |
|
|
|
(15,712 |
) |
|
(10.4 |
)% |
|
|
(14,760 |
) |
|
(9.7 |
)% |
Europe |
|
71,530 |
|
|
75,254 |
|
|
|
(3,724 |
) |
|
(4.9 |
)% |
|
|
(3,096 |
) |
|
(4.1 |
)% |
Other businesses |
|
291 |
|
|
397 |
|
|
|
(106 |
) |
|
(26.7 |
)% |
|
|
(100 |
) |
|
(25.2 |
)% |
Total Wholesale |
|
336,235 |
|
|
356,219 |
|
|
|
(19,984 |
) |
|
(5.6 |
)% |
|
|
(19,718 |
) |
|
(5.5 |
)% |
Retail: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas |
|
88,405 |
|
|
93,535 |
|
|
|
(5,130 |
) |
|
(5.5 |
)% |
|
|
(5,066 |
) |
|
(5.4 |
)% |
Asia Pacific |
|
60,961 |
|
|
63,838 |
|
|
|
(2,877 |
) |
|
(4.5 |
)% |
|
|
(2,730 |
) |
|
(4.3 |
)% |
Europe |
|
20,490 |
|
|
21,505 |
|
|
|
(1,015 |
) |
|
(4.7 |
)% |
|
|
(1,549 |
) |
|
(7.2 |
)% |
Total Retail |
|
169,856 |
|
|
178,878 |
|
|
|
(9,022 |
) |
|
(5.0 |
)% |
|
|
(9,345 |
) |
|
(5.2 |
)% |
E-commerce: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas |
|
37,139 |
|
|
36,917 |
|
|
|
222 |
|
|
0.6 |
% |
|
|
267 |
|
|
0.7 |
% |
Asia Pacific |
|
25,946 |
|
|
19,716 |
|
|
|
6,230 |
|
|
31.6 |
% |
|
|
7,111 |
|
|
36.1 |
% |
Europe |
|
11,952 |
|
|
11,238 |
|
|
|
714 |
|
|
6.4 |
% |
|
|
869 |
|
|
7.7 |
% |
Total E-commerce |
|
75,037 |
|
|
67,871 |
|
|
|
7,166 |
|
|
10.6 |
% |
|
|
8,247 |
|
|
12.2 |
% |
Total revenues |
|
$ |
581,128 |
|
|
$ |
602,968 |
|
|
|
$ |
(21,840 |
) |
|
(3.6 |
)% |
|
|
$ |
(20,816 |
) |
|
(3.5 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas |
|
$ |
253,877 |
|
|
$ |
259,227 |
|
|
|
$ |
(5,350 |
) |
|
(2.1 |
)% |
|
|
$ |
(6,561 |
) |
|
(2.5 |
)% |
Asia Pacific |
|
222,989 |
|
|
235,347 |
|
|
|
(12,358 |
) |
|
(5.3 |
)% |
|
|
(10,379 |
) |
|
(4.4 |
)% |
Europe |
|
103,971 |
|
|
107,997 |
|
|
|
(4,026 |
) |
|
(3.7 |
)% |
|
|
(3,776 |
) |
|
(3.5 |
)% |
Total segment revenues |
|
580,837 |
|
|
602,571 |
|
|
|
(21,734 |
) |
|
(3.6 |
)% |
|
|
(20,716 |
) |
|
(3.4 |
)% |
Other businesses |
|
291 |
|
|
397 |
|
|
|
(106 |
) |
|
(26.7 |
)% |
|
|
(100 |
) |
|
(25.2 |
)% |
Total Revenues |
|
$ |
581,128 |
|
|
$ |
602,968 |
|
|
|
$ |
(21,840 |
) |
|
(3.6 |
)% |
|
|
$ |
(20,816 |
) |
|
(3.5 |
)% |
____________________
(1) Reflects year over year change as if the
current period results were in “constant currency”, which is a
non-GAAP financial measure. See "Reconciliation of GAAP
Measures to Non-GAAP Measures" above for more information.
CROCS, INC. AND
SUBSIDIARIESRETAIL STORE
COUNTS(UNAUDITED) |
|
|
December 31, 2016 |
|
Opened
|
|
Closed
|
|
June 30, 2017 |
Company-operated retail
locations: |
|
|
|
|
|
|
|
Type: |
|
|
|
|
|
|
|
Kiosk/store-in-store |
98 |
|
|
— |
|
|
14 |
|
|
84 |
|
Retail
stores |
228 |
|
|
4 |
|
|
41 |
|
|
191 |
|
Outlet
stores |
232 |
|
|
10 |
|
|
14 |
|
|
228 |
|
Total |
558 |
|
|
14 |
|
|
69 |
|
|
503 |
|
Operating segment: |
|
|
|
|
|
|
|
Americas |
190 |
|
|
1 |
|
|
7 |
|
|
184 |
|
Asia
Pacific |
270 |
|
|
12 |
|
|
54 |
|
|
228 |
|
Europe |
98 |
|
|
1 |
|
|
8 |
|
|
91 |
|
Total |
558 |
|
|
14 |
|
|
69 |
|
|
503 |
|
Comparable retail sales and direct to consumer sales by
operating segment are as follows:
|
Constant Currency (1) |
|
Three Months Ended June
30, |
|
2017 |
|
2016 |
Comparable store sales
(retail only) (2)
|
|
|
|
Americas |
0.4 |
% |
|
(2.5 |
)% |
Asia Pacific |
(0.9 |
)% |
|
(6.8 |
)% |
Europe |
0.7 |
% |
|
1.8 |
% |
Global |
0.0 |
% |
|
(3.4 |
)% |
|
Constant Currency (1) |
|
Three Months Ended |
|
June 30, 2017 |
|
June 30, 2016 |
Direct to consumer
comparable store sales (includes retail and e-commerce) (2)
|
|
|
|
Americas |
1.1 |
% |
|
2.4 |
% |
Asia Pacific |
13.3 |
% |
|
4.3 |
% |
Europe |
5.1 |
% |
|
1.6 |
% |
Global |
5.7 |
% |
|
2.9 |
% |
____________________
(1) Reflects period over period change as
if the current period results were in “constant currency”, which is
a non-GAAP financial measure. See “Reconciliation of GAAP to
Non-GAAP Measures” above for more information.
(2) Comparable store status is determined
on a monthly basis. Comparable store sales include 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.
Investor Contacts:
Marisa Jacobs, Crocs, Inc.
(303) 848-7322
mjacobs@crocs.com
and
Brendon Frey, ICR
(203) 682-8200
Brendon.Frey@icrinc.com
Media Contact:
Patrick Rich, Crocs, Inc.
(303) 848-7408
prich@crocs.com
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