Exceeded All Guidance Metrics; Increased Full-Year Guidance
NIWOT, Colo.--(BUSINESS WIRE)--May 8, 2018--
Crocs, Inc. (NASDAQ: CROX), a world leader in innovative casual footwear
for men, women, and children, today announced its first quarter 2018
financial results.
Andrew Rees, President and Chief Executive Officer, said, “The year is
off to a strong start, with first quarter results exceeding guidance on
all metrics. Our Spring/Summer 2018 collection is being well-received,
and our LiteRide launch surpassed our expectations. We continue to
successfully execute against our strategic priorities and are increasing
our guidance. We now expect full year revenues to be up low single
digits, as double-digit e-commerce growth and moderate wholesale growth
more than offset the decline in retail revenues associated with our
store closure plan.”
First Quarter 2018 Operating Results:
-
Revenues were $283.1 million, growing 5.7% over the first quarter of
2017, or 0.7% on a constant currency basis. Top line growth was
achieved despite the loss of approximately $12 million due to
operating fewer stores and business model changes. E-commerce grew
24.1%, wholesale grew 6.5%, and the retail channel delivered positive
comparable store sales of 7.6%.
-
Gross margin was 49.4%, declining 50 basis points from last year’s
first quarter. At the beginning of the first quarter, the Company
changed its inventory costing methodology from average cost to
first-in-first-out, or FIFO. This change resulted in a timing-related
charge to cost of sales in the first quarter, but will have no impact
on the full year. Absent this charge, first quarter gross margin would
have been up modestly to prior year.
-
Selling, general and administrative expenses (“SG&A”) were $114.0
million compared to $118.0 million in the first quarter of 2017. As a
percent of revenues, SG&A improved 380 basis points and represented
40.2% of revenues. First quarter 2018 results included $2.5 million of
non-recurring charges associated with our SG&A reduction plan compared
to $2.2 million in last year’s first quarter.
-
Income from operations of $25.9 million increased 66.4% compared to
$15.6 million in last year’s first quarter. Net income attributable to
common stockholders was $12.5 million, or $0.15 per diluted share,
compared to $7.2 million, or $0.08 per diluted share, in last year’s
first quarter. We had 71.7 million and 74.6 million weighted average
diluted common shares outstanding on March 31, 2018 and 2017,
respectively.
Balance Sheet and Cash Flow Highlights:
-
Cash used in operating activities decreased 6.6% to $46.6 million
during the first quarter of 2018 compared to $49.9 million during the
first quarter of 2017.
-
Cash and cash equivalents as of March 31, 2018 increased 14.7% to
$102.0 million compared to $88.9 million as of March 31, 2017. This
growth reflects the successful execution of the Company’s strategic
objectives along with improved working capital management.
-
Inventory declined 17.0% to $148.2 million as of March 31, 2018
compared to $178.5 million as of March 31, 2017, reflecting the
Company’s continued focus on inventory management.
-
Capital expenditures during the first quarter of 2018 were $1.7
million compared to $5.4 million during the same quarter in 2017, as
the Company opened fewer stores, completed fewer store remodels, and
incurred lower technology-related expenditures.
-
At March 31, 2018, no borrowings were outstanding against the
Company’s $100 million credit facility. This compares to $3.5 million
of borrowings at March 31, 2017.
Share Repurchase Activity:
During the first quarter of 2018, the Company repurchased 1.4 million
shares of its common stock for $20.1 million, at an average price of
$14.32 per share. At March 31, 2018, $198.8 million of the Company’s
$500 million share repurchase authorization remained available for
future share repurchases.
Closure of Company-Operated Mexico Manufacturing and Distribution
Facilities:
In connection with ongoing efforts to simplify the business and improve
profitability, the Company has made the decision to close its
manufacturing and distribution facilities in Mexico. Manufacturing has
ceased, and the distribution center will be closed by the end of the
third quarter. Related one-time charges are identified in the Company’s
second quarter and full year SG&A guidance.
Financial Outlook:
Second Quarter 2018:
With respect to the second quarter of 2018, the Company expects:
-
Revenues of $315 to $325 million compared to $313.2 million in the
second quarter of 2017.
-
Gross margin to be slightly above last year’s 54.2% rate.
-
SG&A to be approximately flat with $140.4 million last year.
Non-recurring charges incurred in connection with our SG&A reduction
plan are estimated at $1 million, compared to $1.8 million in last
year’s second quarter. In addition, the Company will incur
approximately $5.0 million of non-recurring charges in connection with
the closure of its Mexico manufacturing and distribution facilities.
Full Year 2018:
With respect to 2018, the Company now expects:
-
Revenues to increase low single digits over 2017 revenues of $1,023.5
million, as we expect double digit e-commerce growth and moderate
wholesale growth to more than offset lower retail revenues due to
operating fewer stores and business model changes.
-
Gross margin to be up approximately 70 to 100 basis points over 2017
gross margin of 50.5%.
-
SG&A to be approximately $485 million. This includes approximately $15
million of non-recurring charges. Approximately $5 million of the
non-recurring charges relate to the SG&A reduction plan. Approximately
$10 million relate to the closure of the Mexico manufacturing and
distribution facilities, with approximately half being non-cash. 2017
SG&A was $499.9 million, including $17.0 million of non-recurring
charges.
-
Income from operations to be approximately $50 million compared to
$17.3 million in 2017.
-
Depreciation and amortization to be approximately $30 million compared
to $33.1 million in 2017.
-
Income tax expense of approximately $17 million compared to $7.9
million in 2017.
Conference Call Information:
A conference call to discuss first quarter 2018 results is scheduled for
today, Tuesday, May 8, 2018 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 number46719244. 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 8, 2019.
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. Every pair of shoes within Crocs’
collection contains Croslite™ material, a proprietary, molded footwear
technology, delivering extraordinary comfort with each step.
In 2018, Crocs reinforces its mission of “everyone comfortable in their
own shoes” with the second year of its global Come As You Are™ campaign.
To learn more about Crocs or Come As You Are, 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 revenue, gross margin, SG&A, income from
operations, depreciation and amortization, and tax expense 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 8, 2018. 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.
|
|
| CROCS, INC. AND SUBSIDIARIES |
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
| (UNAUDITED) |
| (in thousands, except per share data) |
|
|
|
|
|
|
|
Three Months Ended
March 31, |
|
|
|
|
|
2018 |
|
|
2017 |
|
Revenues
|
|
|
|
|
$
|
283,148
|
|
|
|
$
|
267,907
|
|
|
Cost of sales
|
|
|
|
|
143,275
|
|
|
|
134,323
|
|
|
Gross profit
|
|
|
|
|
139,873
|
|
|
|
133,584
|
|
|
Selling, general and administrative expenses
|
|
|
|
|
113,951
|
|
|
|
118,002
|
|
|
Income from operations
|
|
|
|
|
25,922
|
|
|
|
15,582
|
|
|
Foreign currency gains, net
|
|
|
|
|
1,071
|
|
|
|
276
|
|
|
Interest income
|
|
|
|
|
279
|
|
|
|
150
|
|
|
Interest expense
|
|
|
|
|
(113
|
)
|
|
|
(184
|
)
|
|
Other income, net
|
|
|
|
|
53
|
|
|
|
124
|
|
|
Income before income taxes
|
|
|
|
|
27,212
|
|
|
|
15,948
|
|
|
Income tax expense
|
|
|
|
|
10,758
|
|
|
|
4,938
|
|
|
Net income
|
|
|
|
|
16,454
|
|
|
|
11,010
|
|
|
Dividends on Series A convertible preferred stock
|
|
|
|
|
(3,000
|
)
|
|
|
(3,000
|
)
|
|
Dividend equivalents on Series A convertible preferred shares
related to redemption value accretion and beneficial conversion
feature
|
|
|
|
|
(931
|
)
|
|
|
(855
|
)
|
|
Net income attributable to common stockholders
|
|
|
|
|
$
|
12,523
|
|
|
|
$
|
7,155
|
|
|
Net income per common share:
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
|
$
|
0.15
|
|
|
|
$
|
0.08
|
|
|
Diluted
|
|
|
|
|
$
|
0.15
|
|
|
|
$
|
0.08
|
|
|
Weighted average common shares outstanding:
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
|
68,705
|
|
|
|
73,810
|
|
|
Diluted
|
|
|
|
|
71,668
|
|
|
|
74,561
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| EARNINGS PER SHARE |
| (UNAUDITED) |
| (in thousands, except per share data) |
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
|
|
|
|
2018 |
|
|
2017 |
|
Numerator:
|
|
|
|
|
|
|
|
|
|
Net income attributable to common stockholders
|
|
|
|
|
$
|
12,523
|
|
|
|
$
|
7,155
|
|
|
Less: Net income allocable to Series A convertible preferred
stockholders (1) |
|
|
|
|
(2,094
|
)
|
|
|
(1,127
|
)
|
|
Adjusted net income available to common stockholders - basic and
diluted
|
|
|
|
|
$
|
10,429
|
|
|
|
$
|
6,028
|
|
|
Denominator:
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding - basic
|
|
|
|
|
68,705
|
|
|
|
73,810
|
|
|
Plus: dilutive effect of stock options and unvested restricted stock
units
|
|
|
|
|
2,963
|
|
|
|
751
|
|
|
Weighted average common shares outstanding - diluted
|
|
|
|
|
71,668
|
|
|
|
74,561
|
|
|
|
|
|
|
|
|
|
|
|
Net income per common share:
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
|
$
|
0.15
|
|
|
|
$
|
0.08
|
|
|
Diluted
|
|
|
|
|
$
|
0.15
|
|
|
|
$
|
0.08
|
|
| (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,
2018
|
|
|
December 31,
2017 |
|
ASSETS
|
|
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
|
|
$
|
101,953
|
|
|
|
$
|
172,128
|
|
|
Accounts receivable, net of allowances of $30,380 and $31,389,
respectively
|
|
|
|
|
169,954
|
|
|
|
83,518
|
|
|
Inventories
|
|
|
|
|
148,187
|
|
|
|
130,347
|
|
|
Income taxes receivable
|
|
|
|
|
7,781
|
|
|
|
3,652
|
|
|
Other receivables
|
|
|
|
|
11,554
|
|
|
|
10,664
|
|
|
Restricted cash - current
|
|
|
|
|
2,359
|
|
|
|
2,144
|
|
|
Prepaid expenses and other assets
|
|
|
|
|
21,981
|
|
|
|
22,596
|
|
|
Total current assets
|
|
|
|
|
463,769
|
|
|
|
425,049
|
|
|
Property and equipment, net of accumulated depreciation and
amortization of $90,554 and $91,806, respectively
|
|
|
|
|
30,746
|
|
|
|
35,032
|
|
|
Intangible assets, net
|
|
|
|
|
53,023
|
|
|
|
56,427
|
|
|
Goodwill
|
|
|
|
|
1,734
|
|
|
|
1,688
|
|
|
Deferred tax assets, net
|
|
|
|
|
10,097
|
|
|
|
10,174
|
|
|
Restricted cash
|
|
|
|
|
2,513
|
|
|
|
2,783
|
|
|
Other assets
|
|
|
|
|
11,001
|
|
|
|
12,542
|
|
|
Total assets
|
|
|
|
|
$
|
572,883
|
|
|
|
$
|
543,695
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
|
|
Accounts payable
|
|
|
|
|
$
|
87,751
|
|
|
|
$
|
66,381
|
|
|
Accrued expenses and other liabilities
|
|
|
|
|
85,448
|
|
|
|
84,446
|
|
|
Income taxes payable
|
|
|
|
|
15,142
|
|
|
|
5,515
|
|
|
Current portion of borrowings and capital lease obligations
|
|
|
|
|
281
|
|
|
|
676
|
|
|
Total current liabilities
|
|
|
|
|
188,622
|
|
|
|
157,018
|
|
|
Long-term income taxes payable
|
|
|
|
|
6,195
|
|
|
|
6,081
|
|
|
Other liabilities
|
|
|
|
|
11,218
|
|
|
|
12,298
|
|
|
Total liabilities
|
|
|
|
|
206,035
|
|
|
|
175,397
|
|
|
Commitments and contingencies:
|
|
|
|
|
|
|
|
|
|
Series A convertible preferred stock, 1.0 million shares authorized,
0.2 million outstanding, liquidation preference $203 million
|
|
|
|
|
183,364
|
|
|
|
182,433
|
|
|
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 million shares
authorized, 95.7 million and 94.8 million issued, 68.3 million and
68.8 million outstanding, respectively
|
|
|
|
|
96
|
|
|
|
95
|
|
|
Treasury stock, at cost, 27.4 million and 26.0 million shares,
respectively
|
|
|
|
|
(355,209
|
)
|
|
|
(334,312
|
)
|
|
Additional paid-in capital
|
|
|
|
|
376,808
|
|
|
|
373,045
|
|
|
Retained earnings
|
|
|
|
|
202,954
|
|
|
|
190,431
|
|
|
Accumulated other comprehensive loss
|
|
|
|
|
(41,165
|
)
|
|
|
(43,394
|
)
|
|
Total stockholders’ equity
|
|
|
|
|
183,484
|
|
|
|
185,865
|
|
|
Total liabilities and stockholders’ equity
|
|
|
|
|
$
|
572,883
|
|
|
|
$
|
543,695
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| CROCS, INC. AND SUBSIDIARIES |
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
| (UNAUDITED) |
| (in thousands) |
|
|
|
|
|
Three Months Ended
March 31,
|
|
|
|
2018 |
|
|
2017 |
|
Cash flows from operating activities:
|
|
|
|
|
|
|
|
Net income
|
|
|
$
|
16,454
|
|
|
|
$
|
11,010
|
|
|
Adjustments to reconcile net income to net cash used in operating
activities:
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
7,643
|
|
|
|
8,446
|
|
|
Unrealized foreign currency (gain) loss, net
|
|
|
(787
|
)
|
|
|
856
|
|
|
Share-based compensation
|
|
|
2,674
|
|
|
|
2,611
|
|
|
Other non-cash items
|
|
|
941
|
|
|
|
(689
|
)
|
|
Changes in operating assets and liabilities:
|
|
|
|
|
|
|
|
Accounts receivable, net of allowances
|
|
|
(86,850
|
)
|
|
|
(66,917
|
)
|
|
Inventories
|
|
|
(20,853
|
)
|
|
|
(28,591
|
)
|
|
Prepaid expenses and other assets
|
|
|
5,112
|
|
|
|
9,618
|
|
|
Accounts payable, accrued expenses and other liabilities
|
|
|
29,065
|
|
|
|
13,766
|
|
|
Cash used in operating activities
|
|
|
(46,601
|
)
|
|
|
(49,890
|
)
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
Purchases of property, equipment, and software
|
|
|
(1,668
|
)
|
|
|
(5,410
|
)
|
|
Proceeds from disposal of property and equipment
|
|
|
16
|
|
|
|
12
|
|
|
Cash used in investing activities
|
|
|
(1,652
|
)
|
|
|
(5,398
|
)
|
|
Cash flows from financing activities:
|
|
|
|
|
|
|
|
Proceeds from bank borrowings
|
|
|
—
|
|
|
|
5,500
|
|
|
Repayments of bank borrowings and capital lease obligations
|
|
|
(400
|
)
|
|
|
(3,376
|
)
|
|
Dividends—Series A preferred stock
|
|
|
(3,000
|
)
|
|
|
(3,000
|
)
|
|
Repurchases of common stock
|
|
|
(20,061
|
)
|
|
|
—
|
|
|
Other
|
|
|
(692
|
)
|
|
|
(240
|
)
|
|
Cash used in financing activities
|
|
|
(24,153
|
)
|
|
|
(1,116
|
)
|
|
Effect of exchange rate changes on cash, cash equivalents, and
restricted cash
|
|
|
2,176
|
|
|
|
(1,389
|
)
|
|
Net change in cash, cash equivalents, and restricted cash
|
|
|
(70,230
|
)
|
|
|
(57,793
|
)
|
|
Cash, cash equivalents, and restricted cash—beginning of period
|
|
|
177,055
|
|
|
|
152,646
|
|
|
Cash, cash equivalents, and restricted cash—end of period
|
|
|
$
|
106,825
|
|
|
|
$
|
94,853
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CROCS, INC. AND SUBSIDIARIES
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 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 SUBSIDIARIES |
| REVENUES BY CHANNEL |
| (UNAUDITED) |
|
|
|
|
|
Three Months Ended
March 31,
|
|
|
% Change |
|
|
Constant
Currency %
Change (1)
|
|
|
|
2018 |
|
|
2017 |
|
|
|
|
|
|
|
(in thousands) |
|
|
|
|
|
|
|
Wholesale:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas
|
|
|
$
|
72,674
|
|
|
|
$
|
71,023
|
|
|
|
2.3
|
%
|
|
|
2.5
|
%
|
|
Asia Pacific
|
|
|
71,733
|
|
|
|
70,935
|
|
|
|
1.1
|
%
|
|
|
(5.2
|
)%
|
|
Europe
|
|
|
49,877
|
|
|
|
40,583
|
|
|
|
22.9
|
%
|
|
|
7.6
|
%
|
|
Other businesses
|
|
|
313
|
|
|
|
190
|
|
|
|
64.7
|
%
|
|
|
46.3
|
%
|
|
Total wholesale
|
|
|
194,597
|
|
|
|
182,731
|
|
|
|
6.5
|
%
|
|
|
0.7
|
%
|
|
Retail:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas
|
|
|
34,716
|
|
|
|
32,829
|
|
|
|
5.7
|
%
|
|
|
5.6
|
%
|
|
Asia Pacific
|
|
|
17,614
|
|
|
|
21,532
|
|
|
|
(18.2
|
)%
|
|
|
(22.4
|
)%
|
|
Europe
|
|
|
7,176
|
|
|
|
7,419
|
|
|
|
(3.3
|
)%
|
|
|
(12.7
|
)%
|
|
Total retail
|
|
|
59,506
|
|
|
|
61,780
|
|
|
|
(3.7
|
)%
|
|
|
(6.4
|
)%
|
|
E-commerce:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas
|
|
|
16,440
|
|
|
|
13,869
|
|
|
|
18.5
|
%
|
|
|
18.0
|
%
|
|
Asia Pacific
|
|
|
7,815
|
|
|
|
5,877
|
|
|
|
33.0
|
%
|
|
|
24.3
|
%
|
|
Europe
|
|
|
4,790
|
|
|
|
3,650
|
|
|
|
31.2
|
%
|
|
|
15.0
|
%
|
|
Total e-commerce
|
|
|
29,045
|
|
|
|
23,396
|
|
|
|
24.1
|
%
|
|
|
19.1
|
%
|
|
Total revenues
|
|
|
$
|
283,148
|
|
|
|
$
|
267,907
|
|
|
|
5.7
|
%
|
|
|
0.7
|
%
|
| (1) |
|
Reflects year over year change as if the current period results
were in constant currency, which is a non-GAAP financial measure.
See “Non-GAAP Measures” for more information.
|
|
|
|
|
|
|
| CROCS, INC. AND SUBSIDIARIES |
| RETAIL STORE COUNTS |
| (UNAUDITED) |
|
|
|
|
|
December 31,
2017
|
|
|
Opened |
|
|
Closed |
|
|
March 31,
2018
|
|
Company-operated retail locations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Type:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Kiosk/store-in-store
|
|
|
71
|
|
|
|
—
|
|
|
|
—
|
|
|
|
71
|
|
Retail stores
|
|
|
161
|
|
|
|
—
|
|
|
|
16
|
|
|
|
145
|
|
Outlet stores
|
|
|
215
|
|
|
|
—
|
|
|
|
6
|
|
|
|
209
|
|
Total
|
|
|
447
|
|
|
|
—
|
|
|
|
22
|
|
|
|
425
|
|
Operating segment:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas
|
|
|
175
|
|
|
|
—
|
|
|
|
1
|
|
|
|
174
|
|
Asia Pacific
|
|
|
186
|
|
|
|
—
|
|
|
|
9
|
|
|
|
177
|
|
Europe
|
|
|
86
|
|
|
|
—
|
|
|
|
12
|
|
|
|
74
|
|
Total
|
|
|
447
|
|
|
|
—
|
|
|
|
22
|
|
|
|
425
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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,
|
|
|
|
2018 |
|
|
2017 |
|
Comparable retail store sales: (2) |
|
|
|
|
|
|
|
Americas
|
|
|
10.9
|
%
|
|
|
(6.0
|
)%
|
|
Asia Pacific
|
|
|
4.7
|
%
|
|
|
(1.4
|
)%
|
|
Europe
|
|
|
(2.6
|
)%
|
|
|
(7.7
|
)%
|
|
Global
|
|
|
7.6
|
%
|
|
|
(4.8
|
)%
|
|
|
|
|
|
|
|
Constant Currency (1) |
|
|
|
Three Months Ended
March 31,
|
|
|
|
2018 |
|
|
2017 |
|
Direct to consumer comparable store sales (includes retail and
e-commerce): (2) |
|
|
|
|
|
|
|
Americas
|
|
|
13.1
|
%
|
|
|
(5.0
|
)%
|
|
Asia Pacific
|
|
|
10.4
|
%
|
|
|
5.5
|
%
|
|
Europe
|
|
|
4.2
|
%
|
|
|
(5.2
|
)%
|
|
Global
|
|
|
11.2
|
%
|
|
|
(2.2
|
)%
|
| (1) |
|
Reflects period over period change as if the current period
results were in constant currency, which is a non-GAAP financial
measure. See “Non-GAAP Measures” 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.
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20180508005549/en/
Source: Crocs, Inc.
Crocs, Inc.
Investor Contact:
Marisa
Jacobs, 303-848-7322
mjacobs@crocs.com
or
Media
Contact:
Ryan Roccaforte, 303-848-7116
rroccaforte@crocs.com