NIWOT, Colo.--(BUSINESS WIRE)--Sep. 10, 2013--
Crocs, Inc. (NASDAQ: CROX) updated today the Company’s financial outlook
for the third quarter of 2013, highlighted capital allocation strategy
and announced participation in certain September investor conferences.
Financial Outlook
For the third quarter ending September 30, 2013, the Company now expects
revenue between $285 million and $295 million and GAAP diluted earnings
per share between $0.15 and $0.18. This compares with the prior
financial outlook for the third quarter of 2013 provided on July 24,
2013, of revenue between $300 million and $310 million and GAAP diluted
earnings per share between $0.20 and $0.23. The present and previous
financial outlook both include $(0.02) per share of ERP implementation
expense and $(0.04) per share for adverse foreign currency translation.
The present financial outlook reflects continued weakness in the
Company’s Americas region where at once orders in the wholesale channel,
as well as performance in the direct to consumer channel, are both below
prior expectations; however the Company expects third quarter 2013 gross
margins to be generally in-line with prior year performance. The
softness in the Americas region during the third quarter is somewhat
offset by stronger than expected revenue and comparable store
performance in the Company’s Asia Pacific and Europe regions.
“While revenue for the third quarter of 2013 is coming in below our
prior forecasted outlook because of lower than expected revenue in the
Americas region, we are very satisfied to date with our Asia Pacific and
Europe retail sales performance in the quarter,” said John McCarvel,
President and Chief Executive Officer. “We are pleased with the early
indications of strong demand from our wholesale customers for
spring/summer 2014 product, as pre-books for these products are
presently running ten percent ahead of last year. We believe our brand
is well positioned to take advantage of our customers demand for
colorful and fun footwear in 2014.”
Final financial information will be available when the Company reports
its third quarter 2013 results in October 2013.
Capital Allocation
The Company is actively working to adjust its capital allocation
strategy by the end of the fourth quarter of 2013. This strategy, would
allow the Company to maximize returns through opportunistically
deploying from $80 to $100 million of domestic cash to fund potential
stock repurchases or other strategic investments in the future.
September Conferences
The Company will participate in the following investor conferences:
-
Goldman Sachs 20th Annual Global Retailing Conference in
New York City on September 10, 2013. Management is scheduled to
present at 11:20 am Eastern Time.
-
CL King 11th Annual Best Ideas Conference 2013 in New York City on
September 11, 2013. Management is scheduled to present at 2:00 pm
Eastern Time.
Live webcasts of both of the Company’s presentations will be available
by clicking the ‘Investor Relations’ link under the Company section on www.crocs.com.
An audio replay of the webcast will be available on the Crocs website
after the presentation. Interested parties are advised to log onto the
live webcast at least fifteen minutes prior to the presentation in order
to download the necessary software.
About Crocs, Inc.
Crocs, Inc. is a world leader in innovative casual footwear for men,
women and children. Crocs offers several distinct shoe collections with
more than 300 four-season footwear styles. All Crocs™ shoes feature
Croslite™ material, a proprietary, revolutionary technology that gives
each pair of shoes the soft, comfortable, lightweight, non-marking and
odor-resistant qualities that Crocs fans know and love. Crocs fans “Get
Crocs Inside” every pair of shoes, from the iconic clog to new sneakers,
sandals, boots and heels. Since its inception in 2002, Crocs has sold
more than 200 million pairs of shoes in more than 90 countries around
the world.
Visit www.crocs.com
for additional information.
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, future demand and orders, prospects, investments in our
business, outlook 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.
All information in this document speaks as of September 10, 2013. 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.
Source: Crocs, Inc.
Crocs, Inc.
Investors:
William Kent, 303-848-7000
wkent@crocs.com
or
Media:
Katy
Michael, 303-848-7000
kmichael@crocs.com