Exceeded All Guidance Metrics; GAAP EPS
Increased 120% from First Quarter 2018
Share Buyback Authorization Increased by
$500 Million
2019 Guidance Reaffirmed
Crocs, Inc. (NASDAQ: CROX), a world leader in innovative casual
footwear for men, women, and children, today announced its first
quarter 2019 financial results.
Andrew Rees, President and Chief Executive Officer, said, "2019
is off to a great start. Revenues exceeded expectations as demand
for our product and excitement around the brand continued to yield
accelerated sell-throughs. We were particularly pleased with the
exceptional direct to consumer performance successfully comping an
earlier Easter last year. We have now delivered five consecutive
quarters of double-digit DTC comp growth. I am more confident than
ever in the strength of our brand and our future. As a reflection
of our optimism, our Board of Directors has increased our share
buyback authorization by $500 million.”
First Quarter 2019 Operating Results:
- Revenues were $295.9 million, growing
4.5% over the first quarter of 2018, or 9.0% on a constant currency
basis. Store closures and business model changes reduced our
revenues by approximately $6 million. Wholesale revenues grew 5.2%,
e-commerce revenues grew 16.5%, and retail comparable store sales
grew 8.7%.
- Gross margin was 46.5%, compared to our
guidance of 45.5%, a decrease of 290 basis points from 49.4% in
last year’s first quarter. Non-recurring expenditures related to
the relocation of our Americas distribution center reduced gross
margin by 40 basis points, resulting in an adjusted gross margin of
46.9%, 250 basis points below last year’s first quarter. Factors
impacting our adjusted gross margin were currency, freight, and
distribution center costs. Currency moves negatively impacted
results by 140 basis points. For a reconciliation of gross margin
to adjusted gross margin, see the ‘Non-GAAP cost of sales and
gross margin reconciliation’ schedule below.
- Selling, general and administrative
expenses (“SG&A”) were $105.0 million, down from $114.0 million
in the first quarter of 2018, with improvements stemming from the
Company’s SG&A reduction program and the movement of some
marketing expenses into the second quarter. SG&A improved 470
basis points and represented 35.5% of revenues compared to our
guidance of 37% to 38% and 40.2% in the first quarter of 2018.
Excluding $0.7 million of non-recurring charges, adjusted SG&A
improved by 410 basis points to 35.3% of revenues compared to 39.4%
in last year’s first quarter, as detailed on the 'Non-GAAP selling,
general and administrative expenses reconciliation' schedule
below.
- Income from operations rose 25.7% to
$32.6 million from $25.9 million in the first quarter of 2018.
Excluding non-recurring gross margin and SG&A charges, adjusted
income from operations rose 21.5% to $34.5 million. Our adjusted
operating margin was 11.7%, up from 10.0% in the first quarter of
2018, as detailed on the 'Non-GAAP income from operations and
operating margin reconciliation' schedule below.
- Net income was $24.7 million, up from
$12.5 million in the first quarter of 2018. After adjusting for
non-recurring gross margin and SG&A charges incurred in the
first quarter of 2019 and 2018 respectively, and for the first
quarter 2018 pro forma adjustments related to previously
outstanding Series A Preferred Stock, adjusted net income was $26.7
million and $17.5 million in the first quarters of 2019 and 2018,
respectively, as detailed on the 'Non-GAAP earnings per share
reconciliation' schedule below.
- Diluted net income per common share was
$0.33 for the first quarter of 2019, up from $0.15 in the first
quarter of 2018. After adjusting for non-recurring charges relating
to gross margin, SG&A, and the pro forma adjustments for Series
A Preferred Stock, adjusted diluted net income per common share was
$0.36 compared to $0.23 in the first quarter of 2018, as detailed
on the 'Non-GAAP earnings per share reconciliation' schedule
below.
Balance Sheet and Cash Flow Highlights:
- Cash and cash equivalents were $86.3
million as of March 31, 2019, compared to $102.0 million as of
March 31, 2018. During the first quarter of 2019, the Company
repurchased 2.1 million shares of its common stock, as detailed
below.
- Inventory decreased 6.1% to $139.2
million as of March 31, 2019 compared to $148.2 million as of
March 31, 2018.
- Capital expenditures during the first
quarter of 2019 were $10.6 million compared to $1.7 million during
the same period in 2018. The increase primarily reflects
expenditures on the planned relocation of the Company’s Americas
distribution center from California to Ohio.
- At March 31, 2019, there were
$215.0 million in borrowings outstanding on the Company’s credit
facility. During the first quarter of 2019, borrowing capacity on
that facility was increased from $250 to $300 million.
Share Repurchase Activity; Increase in Share Buyback
Authorization:
During the first quarter of 2019, the Company repurchased
approximately 2.1 million shares of its common stock for $53.5
million, at an average price of $25.07 per share. As of
March 31, 2019, approximately $102 million of the Company’s
$500 million share repurchase authorization remained available for
future share repurchases.
The Board of Directors recently approved an increase of $500
million to the existing $500 million share repurchase program. This
leaves the Company with approximately $600 million available for
future share repurchases. This program does not obligate the
Company to acquire any stated amount of common stock, and may be
suspended at any time at the Company’s discretion.
Financial Outlook:
Full Year 2019:
With respect to 2019, the Company continues to expect:
- Revenues to be up 5% to 7% over 2018
revenues of $1,088.2 million. The Company now anticipates 2019
revenues will be negatively impacted by approximately $25 million
of currency changes and approximately $20 million resulting from
store closures.
- Gross margin of approximately 49.5%
compared to 51.5% in 2018. The projected decline reflects our
expectations relating to (i) non-recurring charges associated with
the Company’s new distribution center, which we anticipate will
reduce gross margin by approximately 100 basis points in 2019, (ii)
reduced purchasing power associated with the strengthening of the
U.S. Dollar, and (iii) higher freight and distribution costs.
- SG&A to be approximately 41% of
revenues. This includes non-recurring charges of $3 to $5 million
related to various cost reduction initiatives. In 2018, SG&A
was 45.7% of revenues and included $21.1 million of non-recurring
charges.
- An operating margin of approximately
8.5% including non-recurring charges associated with our new
distribution center and SG&A cost reduction initiatives.
Excluding those non-recurring charges, we expect to achieve our
interim target of a low double digit operating margin.
- Capital expenditures to be
approximately $65 million, compared to $12.0 million in 2018. The
new distribution center will account for approximately $35 million
of the total. The remainder relates to information technology and
infrastructure projects, some of which were deferred from 2018,
along with routine capital expenditures.
Second Quarter 2019:
With respect to the second quarter of 2019, the Company
expects:
- Revenues to be between $350 and $360
million compared to $328.0 million in the second quarter of 2018.
The Company anticipates revenues will be positively impacted by the
Easter shift, but negatively impacted by approximately $6 million
due to store closures and $10 million due to the stronger U.S.
Dollar as compared to last year. This guidance reflects constrained
levels of Classic clogs as a result of surging demand; however,
inventories are expected to be restored to appropriate levels by
the end of the quarter.
- Gross margin to be approximately 51%
compared to 55.3% in the second quarter of 2018. This decline
reflects (i) non-recurring charges relating to the new distribution
center, which are expected to reduce gross margin by approximately
120 basis points, (ii) a negative impact from the stronger U.S.
Dollar of approximately 150 basis points, which we expect to have a
disproportionately negative impact on the first and second quarters
of 2019, and (iii) a negative impact of approximately 160 basis
points from higher freight and distribution costs in the
Americas.
- SG&A to be approximately 40% of
revenues. This includes non-recurring charges of approximately $2
million related to various cost reduction initiatives. In the
second quarter of 2018, SG&A was 44.0% of revenues and included
$8.4 million of non-recurring charges.
Impact of New Lease Accounting Rules
On January 1, 2019, we adopted new GAAP lease accounting rules
which resulted in a significant increase in our reported assets and
liabilities associated with our leases. The recognition of rent
expense and payments associated with these lease assets and
liabilities will not result in material differences to operating
income or cash flows compared to the previous accounting rules. The
adoption of the new accounting rules will not impact our credit
facility covenants.
Conference Call Information:
A conference call to discuss first quarter 2018 results is
scheduled for today, Tuesday, May 7, 2019 at 8:30 a.m. EDT.
The call participation number is (877) 790-7808. A replay of the
conference call will be available two hours after the completion of
the call at (800) 585-8367. International participants can dial
(647) 689-5638 to take part in the conference call, and can access
a replay of the call at (416) 621-4642. All of these calls will
require the use of the conference identification number 6361757.
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 May 7, 2020.
About Crocs, Inc.:
Crocs, Inc. (Nasdaq: CROX) is a world leader in innovative
casual footwear for women, men, and children, combining comfort and
style with a value that consumers know and love. The vast
majority of shoes within Crocs’ collection contains
Croslite™ material, a proprietary, molded footwear technology,
delivering extraordinary comfort with each step.
In 2019, Crocs declares that expressing yourself and being
comfortable are not mutually exclusive. To learn more about Crocs
or our global Come As You Are™ campaign, please visit
www.crocs.com or follow @Crocs on
Facebook, Instagram and Twitter.
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,
SG&A, operating margin, and capital expenditure 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 May 7, 2019.
We do not undertake any obligation to update publicly any
forward-looking statements, including, without limitation, any
estimates provided in the “Financial Outlook” section above,
whether as a result of the receipt of new information, future
events, or otherwise.
Category:Investors
CROCS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS (UNAUDITED) (in thousands,
except per share data) Three Months
Ended March 31, 2019 2018 Revenues
$ 295,949 $ 283,148 Cost of sales 158,334 143,275
Gross profit 137,615 139,873 Selling, general and administrative
expenses 105,037 113,951 Income from operations
32,578 25,922 Foreign currency gains (losses), net (1,217 ) 1,071
Interest income 195 279 Interest expense (1,817 ) (113 ) Other
income, net 590 53 Income before income taxes 30,329
27,212 Income tax expense 5,619 10,758 Net income
24,710 16,454 Dividends on Series A convertible preferred stock —
(3,000 )
Dividend equivalents on Series A
convertible preferred stock related to redemption value accretion
and beneficial conversion feature
— (931 ) Net income attributable to common stockholders $
24,710 $ 12,523 Net income per common share: Basic $
0.34 $ 0.15 Diluted $ 0.33 $ 0.15
Weighted average common shares outstanding: Basic 73,009
68,705 Diluted 74,875 71,668
CROCS,
INC. AND SUBSIDIARIES EARNINGS PER SHARE
(UNAUDITED) (in thousands, except per share data)
Three Months Ended March 31,
2019 2018 (in thousands, except per
share data) Numerator: Net income attributable to common
stockholders $ 24,710 $ 12,523 Less: Net income allocable to Series
A Convertible Preferred stockholders (1) — (2,094 )
Remaining net income available to common stockholders - basic and
diluted $ 24,710 $ 10,429 Denominator: Weighted
average common shares outstanding - basic 73,009 68,705 Plus:
dilutive effect of stock options and unvested restricted stock
units for both periods and Series A Convertible Preferred in 2018
1,866 2,963 Weighted average common shares
outstanding - diluted 74,875 71,668 Net income
per common share: Basic $ 0.34 $ 0.15 Diluted $ 0.33 $ 0.15 (1)
Represents the amount which would have been paid to
preferred stockholders in the event the Company had declared a
dividend on its common stock.
CROCS, INC. AND
SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED) (in thousands, except share and par value
amounts) March 31, 2019
December 31, 2018 ASSETS Current
assets: Cash and cash equivalents $ 86,333 $ 123,367 Accounts
receivable, net of allowances of $21,385 and $20,477, respectively
176,288 97,627 Inventories 139,209 124,491 Income taxes receivable
3,755 3,041 Other receivables 9,073 7,703 Restricted cash - current
1,878 1,946 Prepaid expenses and other assets 14,980 22,123
Total current assets 431,516 380,298 Property and equipment,
net of accumulated depreciation and amortization of $81,899 and
$80,956, respectively 29,874 22,211 Intangible assets, net 44,724
45,690 Goodwill 1,579 1,614 Deferred tax assets, net 8,510 8,663
Restricted cash 2,129 2,217 Right-of-use assets 163,266 — Other
assets 7,608 8,208 Total assets $ 689,206 $
468,901 LIABILITIES AND STOCKHOLDERS’ EQUITY Current
liabilities: Accounts payable $ 89,555 $ 77,231 Accrued expenses
and other liabilities 78,204 102,171 Income taxes payable 9,466
5,089 Current operating lease liabilities 44,618 —
Total current liabilities 221,843 184,491 Long-term income taxes
payable 4,344 4,656 Long-term borrowings 215,000 120,000 Long-term
operating lease liabilities 125,055 — Other liabilities 19
9,446 Total liabilities 566,261 318,593
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, 250.0 million shares authorized, 103.8
million and 103.0 million issued, 72.0 million and 73.3 million
outstanding, respectively 104 103 Treasury stock, at cost, 31.8
million and 29.7 million shares, respectively (452,196 ) (397,491 )
Additional paid-in capital 484,932 481,133 Retained earnings
145,698 121,215 Accumulated other comprehensive loss (55,593 )
(54,652 ) Total stockholders’ equity 122,945 150,308
Total liabilities and stockholders’ equity $ 689,206 $
468,901
CROCS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED) (in thousands)
Three Months Ended March 31, 2019
2018 Cash flows from operating activities: Net
income $ 24,710 $ 16,454 Adjustments to reconcile net income to net
cash provided by operating activities: Depreciation and
amortization 6,136 7,643 Operating lease cost 14,930 — Share-based
compensation 3,634 2,674 Other non-cash items (911 ) 154 Changes in
operating assets and liabilities: Accounts receivable, net of
allowances (80,722 ) (86,850 ) Inventories (15,099 ) (20,853 )
Prepaid expenses and other assets 6,875 5,112 Accounts payable,
accrued expenses and other liabilities (3,658 ) 29,065 Operating
lease liabilities (19,610 ) — Cash used in operating
activities (63,715 ) (46,601 ) Cash flows from investing
activities: Purchases of property, equipment, and software (10,553
) (1,668 ) Proceeds from disposal of property and equipment 225
16 Cash used in investing activities (10,328 ) (1,652
) Cash flows from financing activities: Proceeds from bank
borrowings 95,000 — Repayments of bank borrowings — (400 )
Dividends—Series A convertible preferred stock (1) (2,985 ) (3,000
) Repurchases of common stock (53,478 ) (20,061 ) Other (1,662 )
(692 ) Cash provided by (used in) financing activities 36,875
(24,153 ) Effect of exchange rate changes on cash, cash
equivalents, and restricted cash (22 ) 2,176 Net change in
cash, cash equivalents, and restricted cash (37,190 ) (70,230 )
Cash, cash equivalents, and restricted cash—beginning of period
127,530 177,055 Cash, cash equivalents, and
restricted cash—end of period $ 90,340 $ 106,825 (1)
Represents $3.0 million paid to induce conversion of Series
A Convertible Preferred Stock to common stock for the three months
ended March 31, 2019 and $3.0 million paid in Series A Convertible
Preferred Stock cash dividends for the three months ended March 31,
2018.
CROCS, INC. AND
SUBSIDIARIESRECONCILIATION OF GAAP MEASURES TO NON-GAAP
MEASURES
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 cost of sales,” “Non-GAAP
gross margin,” “Non-GAAP selling, general, and administrative
expenses,” “Non-GAAP net income attributable to common
stockholders,” “Non-GAAP operating margin,” “Non-GAAP weighted
average common shares outstanding - basic and diluted,” and
“Non-GAAP basic and diluted net income per common share,” 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 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 and trends. For the three
months ended March 31, 2019, management believes it is helpful to
evaluate our results excluding the impacts of the Series A
Preferred Stock transaction and various pro forma adjustments.
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)
Non-GAAP cost of sales and gross margin reconciliation:
Three Months Ended March
31, 2019 2018 (in thousands) GAAP
revenues $ 295,949 $ 283,148 GAAP cost of sales $ 158,334 $
143,275 New distribution center (1) (1,165 ) — Other (110 ) —
Total adjustments (1,275 ) — Non-GAAP cost of sales $
157,059 $ 143,275 GAAP gross margin $ 137,615 $ 139,873 GAAP
gross margin as a percent of revenues 46.5 % 49.4 % Non-GAAP
gross margin $ 138,890 $ 139,873 Non-GAAP gross margin as a percent
of revenues 46.9 % 49.4 % (1) Represents non-recurring
expenses related to our new distribution center in Dayton, Ohio.
Non-GAAP selling, general and
administrative expenses reconciliation:
Three Months Ended March 31,
2019 2018 (in thousands) GAAP revenues
$ 295,949 $ 283,148 GAAP selling, general and administrative
expenses (1) $ 105,037 $ 113,951 Non-recurring expenses associated
with cost reduction initiatives (2) (685 ) (2,499 ) Total
adjustments (685 ) (2,499 ) Non-GAAP selling, general and
administrative expenses $ 104,352 $ 111,452 GAAP selling,
general and administrative expenses as a percent of revenues 35.5 %
40.2 % Non-GAAP selling, general and administrative expenses as a
percent of revenues 35.3 % 39.4 % (1) Non-GAAP selling,
general and administrative expenses are presented gross of tax. (2)
Non-recurring expenses associated with cost reduction initiatives
in 2019 and the SG&A reduction plan in 2018.
CROCS,
INC. AND SUBSIDIARIES RECONCILIATION OF GAAP MEASURES TO
NON-GAAP MEASURES (UNAUDITED) Non-GAAP income
from operations and operating margin reconciliation:
Three Months Ended March 31, 2019
2018 (in thousands) GAAP income from
operations $ 32,578 $ 25,922 Non-GAAP cost of sales adjustments (1)
1,275 — Non-GAAP selling, general and administrative expenses
adjustments (2) 685 2,499 Non-GAAP income from
operations $ 34,538 $ 28,421 GAAP operating
margin 11.0 % 9.2 % Non-GAAP operating margin 11.7 % 10.0 % (1)
See 'Non-GAAP cost of sales reconciliation' above for more
details. (2) See 'Non-GAAP selling, general and administrative
expenses reconciliation' above for more details.
CROCS,
INC. AND SUBSIDIARIES RECONCILIATION OF GAAP MEASURES TO
NON-GAAP MEASURES (UNAUDITED)
Non-GAAP earnings per share
reconciliation: (1)
Three Months Ended March
31, 2019 2018 (in thousands,
except per share data) Numerator: GAAP net income attributable
to common stockholders $ 24,710 $ 12,523 Less: GAAP adjustment for
net income allocable to Series A Preferred stockholders —
(2,094 ) GAAP remaining net income available to common
stockholders- basic and diluted $ 24,710 $ 10,429
GAAP net income attributable to common stockholders $ 24,710
$ 12,523 Preferred share dividends and dividend equivalents (2) —
3,931 Non-GAAP cost of sales adjustments (3) 1,275 — Non-GAAP
selling, general and administrative expenses adjustments (4) 685
2,499 Pro forma interest (5) — (1,407 ) Non-GAAP net income
attributable to common stockholders $ 26,670 $ 17,546
Denominator: GAAP weighted average common shares outstanding -
basic 73,009 68,705 Plus: GAAP dilutive effect of stock options and
unvested restricted stock units in both periods and Series A
Preferred in 2018 1,866 2,963 GAAP weighted average
common shares outstanding - diluted 74,875 71,668
GAAP weighted average common shares outstanding - basic
68,705 Plus: Non-GAAP weighted average converted common shares
outstanding adjustment (6) 6,897 Non-GAAP weighted average
common shares outstanding - basic (7) 75,602 Plus: Non-GAAP
dilutive effect of stock options and unvested restricted stock
units (8) 1,719 Non-GAAP weighted average common shares
outstanding - diluted (9) 77,321 GAAP net income per
common share: Basic $ 0.34 $ 0.15 Diluted $ 0.33
$ 0.15 Non-GAAP net income per common share:
Basic (10) $ 0.37 $ 0.23 Diluted (11) $ 0.36 $
0.23 (1) Non-GAAP earnings per share calculation for
the three months ended March 31, 2018 assumes the repurchase and
conversion of the Series A Convertible Preferred Stock occurred on
December 31, 2017 ("the Conversion"). (2) Adjustment adds back
quarterly dividends and dividend equivalents for the Series A
Convertible Preferred Stock in calculating non-GAAP net income
attributable to common stockholders for the three months ended
March 31, 2018. (3) See 'Non-GAAP cost of sales and gross margin
reconciliation' above for more information. (4) See 'Non-GAAP
selling, general and administrative expenses reconciliation' above
for more information. (5) Pro forma interest for the three months
ended March 31, 2018 assumes borrowings of $120.0 million were
outstanding for all of 2018 at a rate of 4.69% to partially finance
the Conversion. Calculation assumes no repayments and no financing
fees. (6) Adjustment represents the incremental increase in
weighted average common shares outstanding for the three months
ended March 31, 2018 resulting from the Conversion. (7) Non-GAAP
weighted average common shares outstanding - basic for the three
months ended March 31, 2018 assumes the Conversion. (8) Adjustment
reflects the dilutive impact of stock options and restricted stock
units for the three months ended March 31, 2018. (9) Non-GAAP
weighted average common shares outstanding - diluted for the three
months ended March 31, 2018 assumes the Conversion. (10) Non-GAAP
net income per common share - basic for the three months ended
March 31, 2018 assumes the Conversion and the non-GAAP income
attributable to common shareholders. (11) Non-GAAP net income per
common share - diluted for the three months ended March 31, 2018
assumes the Conversion and the non-GAAP income attributable to
common shareholders.
CROCS, INC. AND SUBSIDIARIES
REVENUES BY SEGMENT (UNAUDITED)
Three Months Ended March 31,
2019 2018 % Change Constant
Currency % Change (1) (in thousands)
Americas: Wholesale $ 71,229 $ 72,674 (2.0 )% (0.3 )% Retail 38,076
34,716 9.7 % 9.8 % E-commerce 19,821 16,440 20.6 %
21.0 % Total Americas 129,126 123,830 4.3 % 5.3 % Asia Pacific:
Wholesale 68,950 65,750 4.9 % 10.0 % Retail 13,903 17,614 (21.1 )%
(17.7 )% E-commerce 8,194 7,815 4.8 % 9.9 % Total
Asia Pacific 91,047 91,179 (0.1 )% 4.6 % EMEA Wholesale 64,491
55,860 15.5 % 26.2 % Retail 5,417 7,176 (24.5 )% (16.1 )%
E-commerce 5,816 4,790 21.4 % 32.5 % Total EMEA
75,724 67,826 11.6 % 22.1 % Total segment revenues 295,897 282,835
4.6 % 9.1 % Other businesses 52 313 (83.4 )% (83.1 )%
Total consolidated revenues $ 295,949 $ 283,148 4.5 %
9.0 % Total wholesale $ 204,722 $ 194,597 5.2 % 10.6 % Total
retail 57,396 59,506 (3.5 )% (1.4 )% Total e-commerce 33,831
29,045 16.5 % 19.9 % Total consolidated revenues $ 295,949
$ 283,148 4.5 % 9.0 % (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. (2) In the third quarter of 2018, certain
revenues previously reported within the ‘Asia Pacific’ segment were
shifted to the ‘EMEA’ segment. The previously reported amounts for
wholesale revenues in these regions for the three months ended
March 31, 2018 have been revised to conform to the current year
presentation. See ‘Impacts on revenue of segment composition
change’ table below for more information.
Impacts on revenue of segment
composition change:
Three Months Ended March 31,
2018 Increase (Decrease) (in thousands) Asia
Pacific: Wholesale $ (5,983 ) EMEA: Wholesale 5,983
CROCS, INC. AND SUBSIDIARIES RETAIL STORE COUNTS
(UNAUDITED)
December 31,2018
Opened
Closed/Transferred
March 31,2019
Type: Outlet stores 195 — 3 192 Retail stores 120 — 6 114
Kiosk/store-in-store 68 — 2 66 Total 383
— 11 372 Operating segment: Americas 168 — 2
166 Asia Pacific 153 — 6 147 EMEA 62 — 3 59
Total 383 — 11 372
CROCS, INC. AND
SUBSIDIARIES COMPARABLE RETAIL STORE SALES AND DIRECT TO
CONSUMER COMPARABLE STORE SALES (UNAUDITED)
Comparable retail sales and direct to
consumer sales by operating segment were:
Constant Currency
(1) Three Months Ended March 31, 2019
2018 Comparable retail store sales: (2) Americas 12.4
% 10.9 % Asia Pacific (0.4 )% 4.7 % EMEA 9.3 % (2.6 )% Global 8.7 %
7.6 %
Constant Currency (1) Three Months
Ended March 31, 2019 2018 Direct-to-consumer
comparable store sales (includes retail and e-commerce): (2)
Americas 15.3 % 13.1 % Asia Pacific 1.9 % 10.4 % EMEA 19.2 % 4.2 %
Global 12.2 % 11.2 % (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
Measures 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20190507005315/en/
Investor Contact:Crocs, Inc.Marisa Jacobs, (303)
848-7322mjacobs@crocs.com
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