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Crocs, Inc. Increases Fourth Quarter 2017 Guidance; Announces Participation in The 20th Annual ICR Conference

January 8, 2018

NIWOT, Colo., Jan. 08, 2018 (GLOBE NEWSWIRE) -- 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.com

and

Brendon 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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Source: Crocs, Inc.