NIWOT, Colo--(BUSINESS WIRE)--
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, 2018 in anticipation of its
presentation at the 21st Annual ICR Conference.
Andrew Rees, President and Chief Executive Officer, said, “We had one of
our best fourth quarters in years and as a result, have increased our
revenue guidance to $211 to $214 million, well above the top end of our
previous guidance of $195 to $205. These results clearly demonstrate
that consumer demand for clogs and sandals is year-round. Classic and
lined clogs were particular standouts, and exceptional results in North
America contributed to our outperformance. We are thrilled to finish the
year on such a high note and are looking forward to another successful
year in 2019.”
Fourth Quarter 2018:
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The Company now anticipates fourth quarter revenues of $211 to $214
million; prior guidance was $195 to $205 million. Revenues were $199.1
million in the fourth quarter of 2017.
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The Company continues to expect gross margin to increase by 80 to 100
basis points over 45.4% in the fourth quarter of 2017.
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The Company now expects SG&A to be approximately 54% of revenues
compared to 60.6% of revenues in the fourth quarter of 2017.
Full Year 2018:
-
The Company now anticipates 2018 revenues to grow approximately 6%.
This compares to our prior guidance predicting revenue growth of 4 to
5% over 2017 revenues of $1,023.5 million.
-
The Company continues to expect gross margin to increase approximately
100 basis points over the 50.5% rate in 2017.
-
The Company now expects SG&A to be approximately 46% of revenues
compared to 48.8% of revenues in 2017.
-
The Company now expects income from operations to be over $60 million,
up from our prior guidance of slightly under $60 million, and $17.3
million in 2017.
2019 Preview:
-
With respect to 2019 revenues, the Company continues to expect a
mid-single digit increase over 2018 revenues. We anticipate that
e-commerce and wholesale growth will more than offset lower retail
revenues associated with our reduced store count, which we expect to
reduce revenues by approximately $25 million. Adding back that $25
million reduction, we would expect 2019 revenues to be up mid to high
single digits over our anticipated 2018 revenues.
21st Annual ICR Conference:
Crocs, Inc. will be presenting at the ICR conference on Tuesday, January
15, 2019 at 2:00 pm EST. The presentation will be webcast live and can
be accessed on the Crocs website, www.crocs.com,
or at http://wsw.com/webcast/icr5/crox,
and will remain available through January 14, 2020. 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 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 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 and income
from operations 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 14, 2019. 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.
Category:Investors
View source version on businesswire.com:
https://www.businesswire.com/news/home/20190114005102/en/
Investor:
Marisa Jacobs, Crocs, Inc.
(303) 848-7322
mjacobs@crocs.com
Media:
Ryan
Roccaforte, Crocs, Inc.
(303) 848-7116
rroccaforte@crocs.com
Source: Crocs, Inc.