Crocs, Inc. Revises Third Quarter 2011 Revenue and Earnings Guidance
October 17 2011 - 4:01PM
Business Wire
Crocs, Inc. (NASDAQ: CROX) today revised its revenue and
earnings guidance for the third quarter ended September 30,
2011.
For the third quarter of 2011, the Company now expects revenue
to be in the range of $273.0 to $275.0 million, an increase of
approximately 27% over the $215.6 million of revenue reported in
the third quarter last year. This compares to the Company’s
previous guidance for third quarter 2011 revenue of $280.0 million.
For the third quarter 2011, the Company now expects diluted
earnings per share to be between $0.31 and $0.33 compared to its
previous guidance of diluted earnings per share of $0.40.
John McCarvel, President and Chief Executive Officer, stated:
“Our business in Asia has continued to perform very well on the
strength of our new product introductions. After a very positive
response to our spring / summer 2011 product line in the Americas,
we experienced some softness in our consumer direct channel in
kiosk and outlet locations. Gross margins on a consolidated basis
were slightly lower in the quarter than our initial expectations
driven in part by lower direct sales as a percentage of total
revenue.
“While we are disappointed with this guidance revision, we are
very pleased with our year-to-date performance and believe that the
Crocs brand has never been stronger,” continued Mr. McCarvel. “We
remain focused on further penetrating new footwear categories and
committed to building our market presence during the fall and
holiday seasons. Looking ahead, based on current trends, we believe
that fourth quarter revenue will grow in the low teen range on a
percentage basis over the same period a year ago.”
The Company also announced that its backlog at September 30,
2011 was approximately $297 million an increase of about 30%
compared to the same period a year ago.
Mr. McCarvel concluded, “We are very pleased with the 30%
increase in our wholesale backlog at the end of the third quarter
which comes on top of a 37% increase a year ago. Building on recent
product successes, we are expanding our translucent, Crocs
chameleon, and sneaker collections as we head into Spring 2012.
Impacted by macro economic headwinds in Europe, growth in our
European business has slowed in Q3 and Q4 and is also evident in
our spring/summer backlog for 2012. The solid backlog growth rate
in Americas and Asia, provides key long-term building blocks to
benefit from our increasing product breadth. In addition, our
balance sheet remains healthy with record levels of cash and
quarter end inventory levels that are projected to be down slightly
on a sequential basis.”
Crocs will report full third quarter 2011 financial results on
Thursday, October 27, 2011.
About Crocs, Inc.
A world leader in innovative casual footwear for men, women and
children, Crocs, Inc. (NASDAQ: CROX), offers several distinct shoe
collections with more than 250 styles to suit every lifestyle. As
lighthearted as they are lightweight, Crocs(TM) footwear provides
profound comfort and support for any occasion and every season. All
Crocs(TM) branded shoes feature Croslite(TM) material, a
proprietary, revolutionary technology that produces soft,
non-marking, and odor-resistant shoes that conform to your
feet.
Crocs(TM) products are sold in 90 countries. Every day, millions
of Crocs(TM) shoe lovers around the world enjoy the exceptional
form, function, versatility and feel-good qualities of these shoes
while at work, school and play.
Visit www.crocs.com for additional information.
Forward-looking statements
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 future
revenue and earnings; backlog and future orders; prospects and
product pipeline. 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 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; our
ability to open and operate additional retail locations; 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. 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.
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