Crocs, Inc. Increases Fourth Quarter 2017 Guidance; Announces Participation in The 20th Annual ICR Conference
January 08 2018 - 6:00AM
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, 2017 in
anticipation of its presentation at the 20th Annual ICR Conference.
Fourth Quarter 2017:
- The Company is increasing its previous fourth quarter revenue
guidance from between $180 and $190 million to between $195 and
$198 million, which approximates 5% growth over the prior year’s
fourth quarter revenues of $187.4 million.
- The Company is also increasing its fourth quarter expected
gross margin guidance by 200 basis points from approximately 43% to
approximately 45%, which is a 300 basis point increase over the
prior year’s fourth quarter gross margin.
- The Company now expects SG&A to be relatively flat to last
year’s fourth quarter SG&A of $118.5 million. This
guidance includes approximately $8 million of one-time charges, an
increase of $6 million over our previous guidance. The
one-time charges consist of approximately $2 million associated
with our SG&A reduction plan and approximately $6 million
related to an unplanned non-cash impairment charge and a related
contract termination charge.
Full Year 2017:
- The Company continues to expect 2017 revenues to be down low
single digits compared to $1.036 billion in 2016.
- The Company continues to expect gross margin for 2017 to
be approximately 50%.
- The Company now expects SG&A for 2017 to be approximately
$498 million, which includes approximately $16 million of one-time
charges. This compares to $506 million of SG&A in
2016. The one-time charges consist of $10 million associated
with our SG&A reduction plan and the approximately $6 million
described in our fourth quarter SG&A guidance.
20th Annual ICR
Conference:Crocs, Inc. will be presenting at the ICR
conference on Monday, January 8, 2018 at 10:00 am EST. The
presentation will be webcast live and can be accessed on the Crocs
website, www.crocs.com, and will remain available through January
8, 2019. 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
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
January 8, 2018. 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.
Investor Contacts:Marisa Jacobs,
Crocs, Inc. (303) 848-7322 mjacobs@crocs.comandBrendon
Frey, ICR (203)
682-8200 brendon.frey@icrinc.com
Media Contact: Ryan
Roccaforte, Crocs, Inc. (303)
848-7116 rroccaforte@crocs.com
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