Crocs, Inc. Reports Third Quarter 2017 Results
November 07 2017 - 7:00AM
Crocs, Inc. (NASDAQ:CROX) a world leader in innovative casual
footwear for men, women and children, today announced its financial
results for the third quarter of 2017. These results cover the
three months ended September 30, 2017, and are compared to the
three months ended September 30, 2016.
Andrew Rees, President and Chief Executive
Officer, said, “The third quarter was another strong quarter for
us, both in terms of our financial performance and the progress
made against our strategic initiatives. Consistent with the first
half of this year, we again met or exceeded our guidance metrics.
Furthermore, the perception of the brand continued to rise, with
results from our latest annual brand survey showing double digit
increases in brand desirability, relevance and consideration
compared to last year. Looking ahead, we are confident that further
operational improvements and a disciplined approach to expense
management will facilitate a return to double digit EBIT
margins.”
Third Quarter 2017 Operating
Results:
- Revenues were $243.3 million, above the top end of our revenue
guidance, and decreased 1.1% compared to the third quarter of 2016.
On a constant currency basis, revenues decreased 1.6% compared to
the third quarter of 2016.
- Third quarter gross margin was 50.8%, an increase of 100 basis
points over last year’s third quarter. Our focus on core molded
product and our continued focus on inventory management resulted in
higher quality revenue that delivered stronger gross margins.
- Selling, general and administrative expenses (“SG&A”) were
$120.8 million compared to $123.6 million in the third quarter of
2016, a decrease of 2.3%. As a percent of revenues, SG&A
improved 70 basis points. Our third quarter 2017 SG&A includes
$3.6 million of charges relating to our SG&A reduction
plan.
- Income from operations improved by $3.9 million, coming in at
$2.7 million compared to last year’s third quarter loss of $1.2
million.
- Net loss attributable to common stockholders was $2.3 million,
or $0.03 per diluted share. This amount includes $3.6 million
related to our SG&A reduction plan. For the quarter ended
September 30, 2017, we had 71.9 million weighted average diluted
common shares outstanding.
Balance Sheet and Cash Flow
Highlights:
- Cash and cash equivalents as of September 30, 2017 were
$178.2 million, compared to $150.2 million as of September 30,
2016.
- Inventory was $140.3 million as of September 30, 2017,
compared to $169.4 million as of September 30, 2016. This
17.2% decline reflects our ongoing efforts to carefully manage
inventory levels and improve the quality of goods on hand.
- Cash provided by operating activities was $80.4 million during
the first nine months of 2017, compared to $29.4 million during the
first nine months of 2016.
- Capital expenditures totaled $2.0 million during the third
quarter of 2017, compared to $5.4 million during the third quarter
of 2016.
- Cash flows from financing activities during the third quarter
of 2017 include $15.6 million used to repurchase 1.9 million shares
of our common stock.
- At September 30, 2017, there were no borrowings outstanding on
our credit facility, and in October 2017, we increased the
borrowing capacity of the facility to $100 million from $80
million.
Financial Outlook:
Fourth Quarter 2017:
- The Company expects fourth quarter 2017 revenues to be between
$180 and $190 million.
- The Company expects the gross margin for the fourth quarter to
be approximately 43%, or 100 basis points above last year’s 42%
gross margin.
- The Company expects SG&A of approximately $115 million,
including approximately $2 million of charges associated with our
SG&A reduction plan. This represents a $3 million reduction to
last year’s $118.5 million of SG&A in the fourth quarter.
Full Year 2017:
- The Company continues to expect 2017 revenues to be down low
single digits compared to 2016.
- The Company continues to expect gross margin for 2017 to be
approximately 50%.
- The Company continues to expect SG&A for 2017 to be between
$490 and $495 million. Included in the range is approximately $10
million of charges associated with our SG&A reduction
plan.
Conference Call Information:
A conference call to discuss third quarter 2017
results is scheduled for today, Tuesday, November 7, 2017, at 8:30
a.m. EDT. The call participation number is (888) 771-4371. A replay
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 45783019. The call will also be streamed live
on the Crocs website, www.crocs.com, and that audio recording will
be available at www.crocs.com through November 7, 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 EBIT
margin, 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
November 7, 2017. 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.
CROCS, INC. AND
SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS (UNAUDITED)(in thousands, except per
share data) |
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
Revenues |
$ |
243,273 |
|
|
$ |
245,888 |
|
|
$ |
824,401 |
|
|
$ |
848,856 |
|
Cost of sales |
119,810 |
|
|
123,454 |
|
|
397,547 |
|
|
427,416 |
|
Gross
profit |
123,463 |
|
|
122,434 |
|
|
426,854 |
|
|
421,440 |
|
Selling, general and
administrative expenses |
120,778 |
|
|
123,649 |
|
|
379,141 |
|
|
387,807 |
|
Income
(loss) from operations |
2,685 |
|
|
(1,215 |
) |
|
47,713 |
|
|
33,633 |
|
Foreign currency gain
(loss), net |
(257 |
) |
|
1,379 |
|
|
181 |
|
|
(1,568 |
) |
Interest income |
269 |
|
|
178 |
|
|
576 |
|
|
558 |
|
Interest expense |
(167 |
) |
|
(184 |
) |
|
(539 |
) |
|
(661 |
) |
Other income
(expense) |
54 |
|
|
(1 |
) |
|
187 |
|
|
(108 |
) |
Income
before income taxes |
2,584 |
|
|
157 |
|
|
48,118 |
|
|
31,854 |
|
Income tax expense |
955 |
|
|
1,690 |
|
|
13,519 |
|
|
7,704 |
|
Net
income (loss) |
1,629 |
|
|
(1,533 |
) |
|
34,599 |
|
|
24,150 |
|
Dividends on
Series A convertible preferred stock |
(3,000 |
) |
|
(3,000 |
) |
|
(9,000 |
) |
|
(9,000 |
) |
Dividend equivalents on
Series A convertible preferred shares related to redemption
value accretion and beneficial conversion feature |
(892 |
) |
|
(819 |
) |
|
(2,621 |
) |
|
(2,406 |
) |
Net
income (loss) attributable to common stockholders |
$ |
(2,263 |
) |
|
$ |
(5,352 |
) |
|
$ |
22,978 |
|
|
$ |
12,744 |
|
Net income (loss) per
common share: |
|
|
|
|
|
|
|
Basic |
$ |
(0.03 |
) |
|
$ |
(0.07 |
) |
|
$ |
0.26 |
|
|
$ |
0.15 |
|
Diluted |
$ |
(0.03 |
) |
|
$ |
(0.07 |
) |
|
$ |
0.26 |
|
|
$ |
0.14 |
|
|
|
|
|
|
|
|
|
Weighted average common
shares outstanding - basic |
71,895 |
|
|
73,493 |
|
|
73,212 |
|
|
73,323 |
|
Weighted average common
shares outstanding - diluted |
71,895 |
|
|
73,493 |
|
|
74,160 |
|
|
74,730 |
|
|
|
|
|
|
|
|
|
|
|
|
|
CROCS, INC. AND
SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)(in thousands, except share and par
value amounts) |
|
|
September 30, 2017 |
|
December 31, 2016 |
ASSETS |
|
|
|
Current assets: |
|
|
|
Cash and
cash equivalents |
$ |
178,189 |
|
|
$ |
147,565 |
|
Accounts
receivable, net of allowances of $49,360 and $48,138,
respectively |
92,708 |
|
|
78,297 |
|
Inventories |
140,282 |
|
|
147,029 |
|
Income
tax receivable |
7,421 |
|
|
2,995 |
|
Other
receivables |
14,547 |
|
|
14,642 |
|
Restricted cash - current |
2,175 |
|
|
2,534 |
|
Prepaid
expenses and other assets |
24,416 |
|
|
32,413 |
|
Total
current assets |
459,738 |
|
|
425,475 |
|
Property and equipment,
net of accumulated depreciation and amortization of $95,512 and
$88,603, respectively |
38,412 |
|
|
44,090 |
|
Intangible assets,
net |
66,505 |
|
|
72,700 |
|
Goodwill |
1,663 |
|
|
1,480 |
|
Deferred tax assets,
net |
7,098 |
|
|
6,825 |
|
Restricted cash |
2,895 |
|
|
2,547 |
|
Other assets |
13,342 |
|
|
13,273 |
|
Total
assets |
$ |
589,653 |
|
|
$ |
566,390 |
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
|
|
Current
liabilities: |
|
|
|
Accounts
payable |
$ |
55,181 |
|
|
$ |
61,927 |
|
Accrued
expenses and other liabilities |
84,836 |
|
|
78,282 |
|
Income
taxes payable |
14,096 |
|
|
6,593 |
|
Current
portion of borrowings and capital lease obligations |
1,070 |
|
|
2,338 |
|
Total
current liabilities |
155,183 |
|
|
149,140 |
|
Long-term income tax
payable |
4,926 |
|
|
4,464 |
|
Long-term capital lease
obligations |
35 |
|
|
40 |
|
Other liabilities |
13,931 |
|
|
13,462 |
|
Total
liabilities |
174,075 |
|
|
167,106 |
|
Commitments and
contingencies |
|
|
|
Series A
convertible preferred stock, 1.0 million authorized, 0.2 million
shares outstanding, liquidation preference $203 million |
181,522 |
|
|
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, 71.0 million and 73.6 million shares outstanding,
respectively |
95 |
|
|
94 |
|
Treasury
stock, at cost, 23.7 million and 20.3 million shares,
respectively |
(311,302 |
) |
|
(284,237 |
) |
Additional paid-in capital |
370,567 |
|
|
364,397 |
|
Retained
earnings |
218,703 |
|
|
195,725 |
|
Accumulated other comprehensive loss |
(44,007 |
) |
|
(55,596 |
) |
Total
stockholders’ equity |
234,056 |
|
|
220,383 |
|
Total liabilities and stockholders’ equity |
$ |
589,653 |
|
|
$ |
566,390 |
|
CROCS, INC. AND
SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS (UNAUDITED)(in thousands) |
|
|
Nine Months Ended September 30, |
|
2017 |
|
2016 |
Cash flows from
operating activities: |
|
|
|
Net
income |
$ |
34,599 |
|
|
$ |
24,150 |
|
Adjustments to reconcile net income to net cash provided by
operating activities: |
|
|
|
Depreciation and amortization |
24,701 |
|
|
25,473 |
|
Unrealized foreign currency gain (loss), net |
1,017 |
|
|
(7,863 |
) |
Share-based compensation |
6,851 |
|
|
8,006 |
|
Other
non-cash items |
(1,208 |
) |
|
3,669 |
|
Changes in operating assets and liabilities: |
|
|
|
Accounts
receivable, net of allowances |
(9,068 |
) |
|
(15,762 |
) |
Inventories |
12,435 |
|
|
3,750 |
|
Prepaid
expenses and other assets |
12,997 |
|
|
(7,559 |
) |
Accounts
payable, accrued expenses and other liabilities |
(1,909 |
) |
|
(4,510 |
) |
Cash
provided by operating activities |
80,415 |
|
|
29,354 |
|
Cash flows from
investing activities: |
|
|
|
Cash paid
for purchases of property and equipment |
(6,553 |
) |
|
(12,651 |
) |
Proceeds
from disposal of property and equipment |
1,562 |
|
|
2,425 |
|
Cash paid
for intangible assets |
(7,710 |
) |
|
(5,598 |
) |
Change in
restricted cash |
383 |
|
|
953 |
|
Cash used
in investing activities |
(12,318 |
) |
|
(14,871 |
) |
Cash flows from
financing activities: |
|
|
|
Proceeds
from bank borrowings |
5,500 |
|
|
29,582 |
|
Repayments of bank borrowings and capital lease obligations |
(8,222 |
) |
|
(32,378 |
) |
Dividends—Series A preferred stock |
(9,000 |
) |
|
(9,000 |
) |
Repurchases of common stock |
(25,645 |
) |
|
— |
|
Other |
(233 |
) |
|
(338 |
) |
Cash used
in financing activities |
(37,600 |
) |
|
(12,134 |
) |
Effect of
exchange rate changes on cash |
127 |
|
|
4,526 |
|
Net change in cash and cash equivalents |
30,624 |
|
|
6,875 |
|
Cash and
cash equivalents—beginning of period |
147,565 |
|
|
143,341 |
|
Cash and
cash equivalents—end of period |
$ |
178,189 |
|
|
$ |
150,216 |
|
|
|
|
|
|
|
|
|
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 September 30, |
|
Nine Months Ended September 30, |
|
|
2017 |
|
2016 |
|
2017 |
|
2016 |
|
|
(in thousands) |
SG&A expenses
reconciliation: |
|
|
|
|
|
|
|
|
U.S. GAAP
SG&A expenses |
|
$ |
120,778 |
|
|
$ |
123,649 |
|
|
$ |
379,141 |
|
|
$ |
387,807 |
|
Reorganization charges (1) |
|
(2,022 |
) |
|
— |
|
|
(3,649 |
) |
|
(458 |
) |
Strategic
consulting services (2) |
|
(1,481 |
) |
|
— |
|
|
(3,071 |
) |
|
— |
|
Other |
|
(86 |
) |
|
— |
|
|
(863 |
) |
|
(354 |
) |
Total
adjustments |
|
(3,589 |
) |
|
— |
|
|
(7,583 |
) |
|
(812 |
) |
Non-GAAP
SG&A expenses |
|
$ |
117,189 |
|
|
$ |
123,649 |
|
|
$ |
371,558 |
|
|
$ |
386,995 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
2017 |
|
2016 |
|
2017 |
|
2016 |
|
|
(in thousands) |
Net income (loss)
attributable to common stockholders reconciliation: |
|
|
|
|
|
|
|
|
GAAP net
income (loss) attributable to common stockholders |
|
$ |
(2,263 |
) |
|
$ |
(5,352 |
) |
|
$ |
22,978 |
|
|
$ |
12,744 |
|
Reorganization charges (1) |
|
2,022 |
|
|
— |
|
|
3,649 |
|
|
458 |
|
Strategic
consulting services (2) |
|
1,481 |
|
|
— |
|
|
3,071 |
|
|
— |
|
Other |
|
86 |
|
|
3,344 |
|
|
863 |
|
|
354 |
|
Total adjustments |
|
3,589 |
|
|
3,344 |
|
|
7,583 |
|
|
812 |
|
Non-GAAP
net income (loss) attributable to common stockholders |
|
$ |
1,326 |
|
|
$ |
(2,008 |
) |
|
$ |
30,561 |
|
|
$ |
13,556 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
|
Represents severance
and other expenses related to reorganization activities. |
(2) |
|
Represents operating
expenses incurred in 2017 related to strategic consulting. |
|
|
|
CROCS, INC. AND
SUBSIDIARIESREVENUES BY
CHANNEL(UNAUDITED) |
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Change |
|
Constant Currency
Change (1) |
|
|
2017 |
|
2016 |
|
$ |
|
% |
|
$ |
|
% |
|
|
($ in thousands) |
Wholesale: |
|
|
|
|
|
|
|
|
|
|
|
|
Americas |
|
$ |
41,642 |
|
|
$ |
41,389 |
|
|
$ |
253 |
|
|
0.6 |
% |
|
$ |
153 |
|
|
0.4 |
% |
Asia
Pacific |
|
41,005 |
|
|
45,565 |
|
|
(4,560 |
) |
|
(10.0 |
)% |
|
(4,034 |
) |
|
(8.9 |
)% |
Europe |
|
23,857 |
|
|
21,909 |
|
|
1,948 |
|
|
8.9 |
% |
|
604 |
|
|
2.8 |
% |
Other
businesses |
|
254 |
|
|
271 |
|
|
(17 |
) |
|
(6.3 |
)% |
|
(28 |
) |
|
(10.3 |
)% |
Total
wholesale |
|
106,758 |
|
|
109,134 |
|
|
(2,376 |
) |
|
(2.2 |
)% |
|
(3,305 |
) |
|
(3.0 |
)% |
Retail: |
|
|
|
|
|
|
|
|
|
|
|
|
Americas |
|
57,404 |
|
|
56,607 |
|
|
797 |
|
|
1.4 |
% |
|
689 |
|
|
1.2 |
% |
Asia
Pacific |
|
29,497 |
|
|
37,259 |
|
|
(7,762 |
) |
|
(20.8 |
)% |
|
(7,213 |
) |
|
(19.4 |
)% |
Europe |
|
12,434 |
|
|
13,194 |
|
|
(760 |
) |
|
(5.8 |
)% |
|
(1,457 |
) |
|
(11.0 |
)% |
Total
retail |
|
99,335 |
|
|
107,060 |
|
|
(7,725 |
) |
|
(7.2 |
)% |
|
(7,981 |
) |
|
(7.5 |
)% |
E-commerce: |
|
|
|
|
|
|
|
|
|
|
|
|
Americas |
|
21,413 |
|
|
16,662 |
|
|
4,751 |
|
|
28.5 |
% |
|
4,668 |
|
|
28.0 |
% |
Asia
Pacific |
|
9,537 |
|
|
8,096 |
|
|
1,441 |
|
|
17.8 |
% |
|
1,708 |
|
|
21.1 |
% |
Europe |
|
6,230 |
|
|
4,936 |
|
|
1,294 |
|
|
26.2 |
% |
|
974 |
|
|
19.7 |
% |
Total
e-commerce |
|
37,180 |
|
|
29,694 |
|
|
7,486 |
|
|
25.2 |
% |
|
7,350 |
|
|
24.8 |
% |
Total
revenues |
|
$ |
243,273 |
|
|
$ |
245,888 |
|
|
$ |
(2,615 |
) |
|
(1.1 |
)% |
|
$ |
(3,936 |
) |
|
(1.6 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
|
Reflects year over year
change as if the current period results were in constant currency,
which is a non-GAAP financial measure. See “Reconciliation of GAAP
Measures to Non-GAAP Measures” on page 7 for more information. |
|
|
|
CROCS, INC. AND
SUBSIDIARIESREVENUES BY
CHANNEL(UNAUDITED) |
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, |
|
Change |
|
Constant Currency
Change (1) |
|
|
2017 |
|
2016 |
|
$ |
|
% |
|
$ |
|
% |
|
|
($ in thousands) |
Wholesale: |
|
|
|
|
|
|
|
|
|
|
|
|
Americas |
|
$ |
169,975 |
|
|
$ |
170,165 |
|
|
$ |
(190 |
) |
|
(0.1 |
)% |
|
$ |
(1,611 |
) |
|
(0.9 |
)% |
Asia
Pacific |
|
177,086 |
|
|
197,359 |
|
|
(20,273 |
) |
|
(10.3 |
)% |
|
(18,796 |
) |
|
(9.5 |
)% |
Europe |
|
95,387 |
|
|
97,163 |
|
|
(1,776 |
) |
|
(1.8 |
)% |
|
(2,493 |
) |
|
(2.6 |
)% |
Other
businesses |
|
545 |
|
|
667 |
|
|
(122 |
) |
|
(18.3 |
)% |
|
(127 |
) |
|
(19.0 |
)% |
Total
wholesale |
|
442,993 |
|
|
465,354 |
|
|
(22,361 |
) |
|
(4.8 |
)% |
|
(23,027 |
) |
|
(4.9 |
)% |
Retail: |
|
|
|
|
|
|
|
|
|
|
|
|
Americas |
|
145,809 |
|
|
150,142 |
|
|
(4,333 |
) |
|
(2.9 |
)% |
|
(4,377 |
) |
|
(2.9 |
)% |
Asia
Pacific |
|
90,458 |
|
|
101,097 |
|
|
(10,639 |
) |
|
(10.5 |
)% |
|
(9,943 |
) |
|
(9.8 |
)% |
Europe |
|
32,924 |
|
|
34,699 |
|
|
(1,775 |
) |
|
(5.1 |
)% |
|
(3,006 |
) |
|
(8.7 |
)% |
Total
retail |
|
269,191 |
|
|
285,938 |
|
|
(16,747 |
) |
|
(5.9 |
)% |
|
(17,326 |
) |
|
(6.1 |
)% |
E-commerce: |
|
|
|
|
|
|
|
|
|
|
|
|
Americas |
|
58,552 |
|
|
53,579 |
|
|
4,973 |
|
|
9.3 |
% |
|
4,935 |
|
|
9.2 |
% |
Asia
Pacific |
|
35,483 |
|
|
27,812 |
|
|
7,671 |
|
|
27.6 |
% |
|
8,819 |
|
|
31.7 |
% |
Europe |
|
18,182 |
|
|
16,173 |
|
|
2,009 |
|
|
12.4 |
% |
|
1,845 |
|
|
11.4 |
% |
Total
e-commerce |
|
112,217 |
|
|
97,564 |
|
|
14,653 |
|
|
15.0 |
% |
|
15,599 |
|
|
16.0 |
% |
Total
revenues |
|
$ |
824,401 |
|
|
$ |
848,856 |
|
|
$ |
(24,455 |
) |
|
(2.9 |
)% |
|
$ |
(24,754 |
) |
|
(2.9 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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” on page 7
for more information. |
|
|
|
CROCS, INC. AND
SUBSIDIARIESRETAIL STORE
COUNTS(UNAUDITED) |
|
|
June 30, 2017 |
|
Opened |
|
Closed (1) |
|
September 30, 2017 |
Company-operated retail
locations: |
|
|
|
|
|
|
|
Type: |
|
|
|
|
|
|
|
Kiosk/store-in-store |
84 |
|
|
— |
|
|
9 |
|
|
75 |
|
Retail
stores |
191 |
|
|
1 |
|
|
17 |
|
|
175 |
|
Outlet
stores |
228 |
|
|
3 |
|
|
7 |
|
|
224 |
|
Total |
503 |
|
|
4 |
|
|
33 |
|
|
474 |
|
Operating
segment: |
|
|
|
|
|
|
|
Americas |
184 |
|
|
1 |
|
|
6 |
|
|
179 |
|
Asia
Pacific |
228 |
|
|
3 |
|
|
25 |
|
|
206 |
|
Europe |
91 |
|
|
— |
|
|
2 |
|
|
89 |
|
Total |
503 |
|
|
4 |
|
|
33 |
|
|
474 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
|
We
completed the transfer of one company-operated store in China to a
distributor during the period. |
|
|
|
|
December 31, 2016 |
|
Opened |
|
Closed (1) |
|
September 30, 2017 |
Company-operated retail
locations: |
|
|
|
|
|
|
|
Type: |
|
|
|
|
|
|
|
Kiosk/store-in-store |
98 |
|
|
— |
|
|
23 |
|
|
75 |
|
Retail
stores |
228 |
|
|
5 |
|
|
58 |
|
|
175 |
|
Outlet
stores |
232 |
|
|
13 |
|
|
21 |
|
|
224 |
|
Total |
558 |
|
|
18 |
|
|
102 |
|
|
474 |
|
Operating segment: |
|
|
|
|
|
|
|
Americas |
190 |
|
|
2 |
|
|
13 |
|
|
179 |
|
Asia
Pacific |
270 |
|
|
15 |
|
|
79 |
|
|
206 |
|
Europe |
98 |
|
|
1 |
|
|
10 |
|
|
89 |
|
Total |
558 |
|
|
18 |
|
|
102 |
|
|
474 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
|
We
completed the transfer of thirty-one company-operated stores in the
Middle East and China to distributors during the period. |
|
|
|
Comparable retail sales and direct to consumer
sales by operating segment are as follows:
|
Constant Currency (1) |
|
Constant Currency (1) |
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
Comparable store sales
(retail only): (2) |
|
|
|
|
|
|
|
Americas |
2.8 |
% |
|
(2.8 |
)% |
|
(0.3 |
)% |
|
(1.4 |
)% |
Asia
Pacific |
(2.9 |
)% |
|
(5.8 |
)% |
|
(1.7 |
)% |
|
(4.4 |
)% |
Europe |
(2.1 |
)% |
|
(0.9 |
)% |
|
(2.3 |
)% |
|
2.1 |
% |
Global |
0.4 |
% |
|
(3.5 |
)% |
|
(1.0 |
)% |
|
(2.0 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Constant Currency (1) |
|
Constant Currency (1) |
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
Direct to consumer
comparable store sales (includes retail and e-commerce): (2) |
|
|
|
|
|
|
|
Americas |
9.2 |
% |
|
(1.7 |
)% |
|
2.4 |
% |
|
3.0 |
% |
Asia
Pacific |
3.7 |
% |
|
(2.4 |
)% |
|
8.4 |
% |
|
2.3 |
% |
Europe |
4.8 |
% |
|
(6.7 |
)% |
|
2.6 |
% |
|
0.3 |
% |
Global |
7.0 |
% |
|
(2.6 |
)% |
|
4.3 |
% |
|
2.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
(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” on page 7 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) 848-7322mjacobs@crocs.com
andBrendon Frey, ICR(203)
682-8200brendon.frey@icrinc.com |
|
|
|
Media Contact: |
|
Ryan
Roccaforte, Crocs, Inc.(303) 848-7116rroccaforte@crocs.com |
|
|
|
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