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Crocs, Inc. Reports Fiscal 2020 Second Quarter Results

July 30, 2020
Diluted EPS Increased 51% to $0.83
Operating Income Grew 18%
Record E-Commerce Revenue Growth of 68%

BROOMFIELD, Colo., July 30, 2020 /PRNewswire/ -- Crocs, Inc. (NASDAQ: CROX), a world leader in innovative casual footwear for men, women, and children, today announced its second quarter 2020 financial results.

Andrew Rees, President and Chief Executive Officer, said, "Amidst unprecedented market conditions globally, we delivered exceptional performance in our Americas and e-commerce businesses and increased profit despite a very challenging environment. Our performance demonstrates the strength of the Crocs brand and underscores the work we've done expanding the desirability, relevance, and consideration of our brand and product offering globally."

Q2 Highlights

  • Global revenues were $331.5 million, declining 7.6% from the second quarter of 2019, or 6.0% on a constant currency basis. Four out of five of our key geographies delivered revenue growth - United States, Korea, China, and Germany.
  • Global e-commerce revenue increased by 67.7% with strong growth in all regions.
  • Operating margin rose approximately 380 basis points to 17.1% and adjusted operating margin increased approximately 800 basis points to 22.3%.
  • Diluted earnings per share grew 50.9% to $0.83, or 71.2% to $1.01 on an adjusted basis.
  • Cash flow from operations nearly doubled.

COVID-19 Update on Operations

As described during our first quarter earnings conference call and subsequent updates, COVID-19 has impacted the Crocs business globally, including through store closures or reduced operating hours and decreased retail traffic. Most of our 360 company-operated stores were closed for some period during the second quarter, as well as many partner stores and wholesale customers' doors. As of June 30, 2020, 98% of our company-operated stores were open. Additional detail by region on company-operated stores is below.

  • Americas. Our company-operated stores closed in mid-March and started to reopen in mid-May. Currently, the majority of our stores in the United States are open.
  • Asia. Outside of China and Korea, most of our company-operated stores were closed for the majority of the quarter.
  • EMEA. Our company-operated stores in Western Europe closed in mid-April and reopened in mid-May, while stores in Russia closed in early April and reopened in early June.

While many brick-and-mortar stores were closed, Crocs.com and other digital commerce platforms remained open. We saw record quarterly sales in e-commerce as well as strong sell-through in e-tail and wholesale partner e-commerce sites, as consumers migrated to online shopping. These strong growth rates have recently started to temper as brick-and-mortar has started to reopen.

As outlined during our first quarter earnings call, we focused on positioning the business for both short- and long-term success. Our leadership quickly established both a defensive and offensive playbook that we began to implement in early March. The defensive measures are now complete and our offensive playbook has started to show results, as evidenced by our second quarter performance.

Second Quarter 2020 Operating Results:

  • Revenues were $331.5 million, a decline of 7.6% from the second quarter of 2019, or 6.0% on a constant currency basis. E-commerce revenue grew 67.7%, while wholesale revenue declined 19.5% and retail revenue declined 41.8% due to COVID-19 related store closures. Retail comparable store sales on a constant currency basis grew 10.5% upon re-opening.
  • Gross margin was 54.3%, an increase of 150 basis points from last year's second quarter. Adjusted gross margin was 55.2%, which excludes $3.2 million or 100 basis points of non-recurring expenditures for COVID-19-related inventory charges in Asia and costs related to our U.S. distribution center. Adjusted gross margin rose 160 basis points compared to last year's second quarter, benefiting from product mix, higher prices on certain product, and lower levels of promotions and discounts. For a reconciliation of gross margin to adjusted gross margin, see the 'Non-GAAP cost of sales, gross profit, and gross margin reconciliation' schedule below.
  • Selling, general and administrative expenses ("SG&A") were $123.3 million, down from $141.5 million in the second quarter of 2019, as we reduced expenses during the pandemic. SG&A included non-GAAP adjustments of $14.0 million compared to $0.2 million in last year's second quarter. Most charges were a result of $8.2 million of frontline healthcare product donations. Our adjusted SG&A was or 33.0% of revenues versus 39.4%, in last year's second quarter. For a reconciliation of SG&A to adjusted SG&A, see the 'Non-GAAP selling, general and administrative expenses reconciliation' schedule below.
  • Income from operations increased 18.3% to $56.6 million from $47.8 million in the second quarter of 2019, and operating margin rose 380 basis points to 17.1%. Excluding non-GAAP gross margin and SG&A charges, adjusted income from operations rose 44.2% to $73.8 million and adjusted operating margin was 22.3% compared to 14.3% in the second quarter of 2019, as detailed on the 'Non-GAAP income from operations and operating margin reconciliation' schedule below.
  • Diluted earnings per share increased 50.9% to $0.83, as compared with $0.55 in the second quarter of 2019. Excluding non-GAAP charges, adjusted diluted earnings per share was $1.01, or 71.2%, above the $0.59 in the second quarter of 2019, as detailed on the 'Non-GAAP earnings per share reconciliation' schedule below.

Balance Sheet and Cash Flow Highlights: 

  • Cash and cash equivalents were $151.4 million as of June 30, 2020, compared to $108.3 million as of December 31, 2019.
  • Inventory decreased to $146.8 million as of June 30, 2020, compared to $172.0 million as of December 31, 2019.
  • Capital expenditures during the six months ended June 30, 2020, were $24.3 million, compared to $18.7 million during the same period in 2019.
  • At June 30, 2020, there were $275.0 million of borrowings outstanding on our credit facility after reducing borrowings by $75.0 million during the second quarter. We have ample liquidity, including $151.4 million in cash and cash equivalents and up to $224.4 million of available borrowings under our facility.

Share Repurchase Activity

As previously announced, we temporarily suspended share repurchases to preserve maximum liquidity and flexibility. During the second quarter of 2020, we did not repurchase any shares. As of June 30, 2020, approximately $469 million remained on our share repurchase authorization.

Investments to Support Long-Term Growth

During the second quarter of 2020, we opened our new global headquarters in Broomfield, Colorado, less than 20 miles outside of downtown Denver. The state-of-the-art facility will allow us to significantly expand our ability to attract talent. We also entered into a lease for a new distribution center adjacent to our existing facility in Dayton, Ohio. The new facility will be dedicated to e-commerce fulfillment and will significantly increase our distribution capacity in the Americas. Finally, we anticipate completing the relocation of our distribution center in the Netherlands in 2021.

Financial Outlook:

Given the continued disruption and global uncertainty related to COVID-19, we previously withdrew the guidance provided on February 27, 2020. We are not providing third quarter guidance. However, excluding the impact of any future shutdowns in major markets for full year 2020, we expect:

  • Revenue: Revenue for the remainder of 2020 to be approximately flat compared to the back-half of 2019
  • Tax: A tax rate of 11% for 2020
  • Inventory: Inventory to be constrained throughout the remainder of 2020 reflecting our decision to significantly reduce inventory purchases as a result of the pandemic
  • Capital Expenditures: Approximately $50 million, which reflects investment to support future growth that we had previously deferred

Conference Call Information:

A conference call to discuss second quarter 2020 results is scheduled for today, Thursday, July 30, 2020 at 8:30 am ET. The call participation number is (877) 790-7808. A replay of the conference call will be available approximately 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 input of the conference identification number 4756429. The call will also be streamed live on the Crocs website, www.crocs.com. This audio webcast will remain available at www.crocs.com through July 30, 2021.

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 2020, 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 press release includes estimates, projections, statements relating to our business plans, objectives, and expected operating results that are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements include, but are not limited to, statements regarding potential impacts to our business related to the COVID-19 pandemic, our financial condition, brand and liquidity outlook and expectations regarding our 2020 revenue, tax rate, inventory, and capital expenditures. 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: the COVID-19 outbreak and related government, private sector, and individual consumer responsive actions; current global financial conditions, including economic impacts resulting from the COVID-19 outbreak; 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 speak only as of the date of this press release. We do not undertake any obligation to update publicly any forward-looking statements.

Category:Investors

CROCS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
(in thousands, except per share data)






Three Months Ended June 30,


Six Months Ended June 30,


2020


2019


2020


2019

Revenues

$

331,549



$

358,899



$

612,709



$

654,848


Cost of sales

151,616



169,520



298,614



327,854


Gross profit

179,933



189,379



314,095



326,994


Selling, general and administrative expenses

123,338



141,548



236,688



246,585


Income from operations

56,595



47,831



77,407



80,409


Foreign currency losses, net

(687)



(261)



(918)



(1,478)


Interest income

49



131



146



326


Interest expense

(2,170)



(2,421)



(4,091)



(4,238)


Other income (expense), net

907



(604)



928



(14)


Income before income taxes

54,694



44,676



73,472



75,005


Income tax expense (benefit)

(1,857)



5,478



5,830



11,097


Net income

$

56,551



$

39,198



$

67,642



$

63,908


Net income per common share:








Basic

$

0.84



$

0.55



$

1.00



$

0.89


Diluted

$

0.83



$

0.55



$

0.99



$

0.87


Weighted average common shares outstanding:








Basic

67,416



70,936



67,674



71,967


Diluted

68,038



71,915



68,664



73,369


 

CROCS, INC. AND SUBSIDIARIES
EARNINGS PER SHARE
(UNAUDITED)
(in thousands, except per share data)






Three Months Ended June 30,


Six Months Ended June 30,


2020


2019


2020


2019

Numerator:








Net income

$

56,551



$

39,198



$

67,642



$

63,908


Denominator:








Weighted average common shares outstanding - basic

67,416



70,936



67,674



71,967


Plus: Dilutive effect of stock options and unvested restricted stock units

622



979



990



1,402


Weighted average common shares outstanding - diluted

68,038



71,915



68,664



73,369










Net income per common share:








Basic

$

0.84



$

0.55



$

1.00



$

0.89


Diluted

$

0.83



$

0.55



$

0.99



$

0.87


 

CROCS, INC. AND SUBSIDIARIES
C
ONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(in thousands, except share and par value amounts)






June 30,
2020


December 31,
2019

ASSETS




Current assets:




Cash and cash equivalents

$

151,370



$

108,253


Accounts receivable, net of allowances of $24,997 and $18,797, respectively

160,279



108,199


Inventories

146,804



172,028


Income taxes receivable

3,809



1,341


Other receivables

10,433



8,711


Restricted cash - current

1,690



1,500


Prepaid expenses and other assets

19,545



25,350


Total current assets

493,930



425,382


Property and equipment, net of accumulated depreciation and amortization of $83,306 and $79,604, respectively

52,136



47,405


Intangible assets, net of accumulated amortization of $90,677 and $82,760, respectively

43,773



47,095


Goodwill

1,581



1,578


Deferred tax assets, net

24,218



24,747


Restricted cash

1,759



2,292


Right-of-use assets

183,490



182,228


Other assets

9,997



8,075


Total assets

$

810,884



$

738,802






LIABILITIES AND STOCKHOLDERS' EQUITY




Current liabilities:




Accounts payable

$

83,221



$

95,754


Accrued expenses and other liabilities

94,233



108,677


Income taxes payable

6,357



4,207


Current operating lease liabilities

49,168



48,585


Total current liabilities

232,979



257,223


Long-term income taxes payable

4,133



4,522


Long-term borrowings

275,000



205,000


Long-term operating lease liabilities

141,887



140,148


Other liabilities

1



4


Total liabilities

654,000



606,897


Commitments and contingencies




Stockholders' equity:




Preferred stock, par value $0.001 per share, 5.0 million shares authorized including 1.0 million authorized as Series A Convertible Preferred Stock, none outstanding




Common stock, par value $0.001 per share, 250.0 million shares authorized, 104.9 million and 104.0 million issued, 67.5 million and 68.2 million outstanding, respectively

105



104


Treasury stock, at cost, 37.5 million and 35.8 million shares, respectively

(587,940)



(546,208)


Additional paid-in capital

502,958



495,903


Retained earnings

308,127



240,485


Accumulated other comprehensive loss

(66,366)



(58,379)


Total stockholders' equity

156,884



131,905


Total liabilities and stockholders' equity

$

810,884



$

738,802


 

CROCS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(in thousands)




Six Months Ended June 30,


2020


2019

Cash flows from operating activities:




Net income

$

67,642



$

63,908


Adjustments to reconcile net income to net cash provided by operating activities:




Depreciation and amortization

13,499



11,865


Operating lease cost

30,213



29,679


Inventory donations

8,821



5


Provision for doubtful accounts, net

6,507



988


Share-based compensation

5,942



7,401


Other non-cash items

2,029



(1,627)


Changes in operating assets and liabilities:




Accounts receivable

(62,146)



(73,000)


Inventories

11,240



(9,955)


Prepaid expenses and other assets

1,002



(912)


Accounts payable, accrued expenses and other liabilities

(15,316)



26,548


Operating lease liabilities

(29,166)



(34,732)


Cash provided by operating activities

40,267



20,168


Cash flows from investing activities:




Purchases of property, equipment, and software

(24,328)



(18,722)


Proceeds from disposal of property and equipment

434



260


Other

(116)




Cash used in investing activities

(24,010)



(18,462)


Cash flows from financing activities:




Proceeds from bank borrowings

150,000



95,000


Repayments of bank borrowings

(80,000)




Dividends—Series A convertible preferred stock (1)



(2,985)


Repurchases of common stock

(39,159)



(108,475)


Other

(1,964)



(1,635)


Cash provided by (used in) financing activities

28,877



(18,095)


Effect of exchange rate changes on cash, cash equivalents, and restricted cash

(2,360)



410


Net change in cash, cash equivalents, and restricted cash

42,774



(15,979)


Cash, cash equivalents, and restricted cash—beginning of period

112,045



127,530


Cash, cash equivalents, and restricted cash—end of period

$

154,819



$

111,551




(1)

For the six months ended June 30, 2019, represents $3.0 million paid to induce conversion of Series A Convertible Preferred Stock to common stock.


CROCS, INC. AND SUBSIDIARIES
RECONCILIATION 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 profit," "Non-GAAP gross margin," "Non-GAAP selling, general, and administrative expenses," "Non-GAAP net income," "Non-GAAP income from operations",  "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 and six months ended June 30, 2020, management believes it is helpful to evaluate our results excluding the impacts of various adjustments relating to special or non-recurring items. 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, gross profit, and gross margin reconciliation:






Three Months Ended June 30,


Six Months Ended June 30,


2020


2019


2020


2019


(in thousands)

GAAP revenues

$

331,549



$

358,899



$

612,709



$

654,848










GAAP cost of sales

$

151,616



$

169,520



$

298,614



$

327,854


New distribution centers (1)

(812)



$

(3,138)



(1,739)



(4,303)


COVID-19 inventory write-off (2)

(2,396)





(2,396)




Other



(23)





(133)


Total adjustments

(3,208)



(3,161)



(4,135)



(4,436)


Non-GAAP cost of sales

$

148,408



$

166,359



$

294,479



$

323,418










GAAP gross profit

$

179,933



$

189,379



$

314,095



$

326,994


GAAP gross margin

54.3

%


52.8

%


51.3

%


49.9

%









Non-GAAP gross profit

$

183,141



$

192,540



$

318,230



$

331,430


Non-GAAP gross margin

55.2

%


53.6

%


51.9

%


50.6

%



(1)

Represents non-recurring expenses, including expansion costs, related to our distribution centers in Dayton, Ohio and Dordrecht, the Netherlands.

(2)

Represents an inventory write-off in our Asia Pacific segment associated with the impact of COVID-19.

 

Non-GAAP selling, general and administrative expenses reconciliation:






Three Months Ended June 30,


Six Months Ended June 30,


2020


2019


2020


2019


(in thousands)

GAAP revenues

$

331,549



$

358,899



$

612,709



$

654,848










GAAP selling, general and administrative expenses

$

123,338



$

141,548



$

236,688



$

246,585


Donations of inventory

(8,218)





(9,920)




COVID-19 severance costs

(2,403)





(2,403)




COVID-19 impact of bad debt expense (1)

(1,708)





(4,481)




Other COVID-19 costs (2)

(644)





(644)




Duplicate headquarters rent (3)

(487)





(694)




Non-recurring expenses associated with cost reduction initiatives in 2019



(204)





(889)


Other

(550)





(481)




Total adjustments

(14,010)



(204)



(18,623)



(889)


Non-GAAP selling, general and administrative expenses (4)

$

109,328



$

141,344



$

218,065



$

245,696










GAAP selling, general and administrative expenses as a percent of revenues

37.2

%


39.4

%


38.6

%


37.7

%

Non-GAAP selling, general and administrative expenses as a percent of revenues

33.0

%


39.4

%


35.6

%


37.5

%



(1)

Represents bad debt expense associated with the impact of COVID-19 on wholesale partners in our Asia Pacific and Americas segments.

(2)

Represents costs incurred in response to the COVID-19, including hazard pay, cleaning costs, and legal costs.

(3)

Represents ongoing duplicate rent costs associated with our move to our new headquarters in Broomfield, Colorado, while we conclude the lease for our former headquarters in Niwot, Colorado.

(4)

Non-GAAP selling, general and administrative expenses are presented gross of tax.

 

Non-GAAP income from operations and operating margin reconciliation:






Three Months Ended June 30,


Six Months Ended June 30,


2020


2019


2020


2019


(in thousands)

GAAP revenues

$

331,549



$

358,899



$

612,709



$

654,848










GAAP income from operations

$

56,595



$

47,831



$

77,407



$

80,409


Non-GAAP cost of sales adjustments (1)

3,208



3,161



4,135



4,436


Non-GAAP selling, general and administrative expenses adjustments (2)

14,010



204



18,623



889


Non-GAAP income from operations

$

73,813



$

51,196



$

100,165



$

85,734










GAAP operating margin

17.1

%


13.3

%


12.6

%


12.3

%

Non-GAAP operating margin

22.3

%


14.3

%


16.3

%


13.1

%



(1)

See 'Non-GAAP cost of sales, gross profit, and gross margin reconciliation' above for more details.

(2)

See 'Non-GAAP selling, general and administrative expenses reconciliation' above for more details.

 

Non-GAAP earnings per share reconciliation:






Three Months Ended June 30,


Six Months Ended June 30,


2020


2019


2020


2019


(in thousands, except per share data)

Numerator:








GAAP net income

$

56,551



$

39,198



$

67,642



$

63,908


Non-GAAP cost of sales adjustments (1)

3,208



3,161



4,135



4,436


Non-GAAP selling, general and administrative expenses adjustments (2)

14,010



204



18,623



889


Non-GAAP other income adjustment (3)

(919)





(919)




Tax effect of non-GAAP adjustments (4)

(4,075)





(5,460)




Non-GAAP net income

$

68,775



$

42,563



$

84,021



$

69,233


Denominator:








GAAP weighted average common shares outstanding - basic

67,416



70,936



67,674



71,967


Plus: GAAP dilutive effect of stock options and unvested restricted stock units

622



979



990



1,402


GAAP weighted average common shares outstanding - diluted

68,038



71,915



68,664



73,369










GAAP net income per common share:








Basic

$

0.84



$

0.55



$

1.00



$

0.89


Diluted

$

0.83



$

0.55



$

0.99



$

0.87










Non-GAAP net income per common share:








Basic

$

1.02



$

0.60



$

1.24



$

0.96


Diluted

$

1.01



$

0.59



$

1.22



$

0.94




(1)

See 'Non-GAAP cost of sales, gross profit, and gross margin reconciliation' above for more information.

(2)

See 'Non-GAAP selling, general and administrative expenses reconciliation' above for more information.

(3)

Represents a fair value adjustment associated with our donations of inventory.

(4)

In the three months and six months ended June 30, 2019, non-GAAP adjustments were in jurisdictions subject to a full valuation allowance, and thus had no material net tax impact.


 

CROCS, INC. AND SUBSIDIARIES
REVENUES BY SEGMENT
(UNAUDITED)










Three Months Ended
June 30,


Six Months Ended

June 30,


% Change


Constant Currency % Change (1)


2020


2019


2020


2019


Q2 2020-2019


YTD 2020-2019


Q2 2020-2019


YTD 2020-2019


(in thousands)

Americas:
















Wholesale

$

67,428



$

69,957



$

158,233



$

141,186



(3.6)

%


12.1

%


(2.6)

%


13.3

%

Retail

34,220



65,900



68,839



103,976



(48.1)

%


(33.8)

%


(48.0)

%


(33.8)

%

E-commerce

69,936



34,583



92,236



54,404



102.2

%


69.5

%


102.6

%


69.8

%

Total Americas

171,584



170,440



319,308



299,566



0.7

%


6.6

%


1.2

%


7.2

%

Asia Pacific:
















Wholesale

35,282



63,862



80,863



132,812



(44.8)

%


(39.1)

%


(43.1)

%


(37.3)

%

Retail

21,805



26,865



31,991



40,768



(18.8)

%


(21.5)

%


(15.7)

%


(18.5)

%

E-commerce

36,486



27,697



46,179



35,891



31.7

%


28.7

%


34.6

%


31.7

%

Total Asia Pacific

93,573



118,424



159,033



209,471



(21.0)

%


(24.1)

%


(18.7)

%


(21.8)

%

EMEA
















Wholesale

42,166



46,136



98,877



110,627



(8.6)

%


(10.6)

%


(5.3)

%


(7.6)

%

Retail

4,187



10,688



8,181



16,105



(60.8)

%


(49.2)

%


(59.5)

%


(48.0)

%

E-commerce

20,023



13,137



27,218



18,953



52.4

%


43.6

%


57.6

%


48.1

%

Total EMEA

66,376



69,961



134,276



145,685



(5.1)

%


(7.8)

%


(1.8)

%


(4.8)

%

  Total segment revenues

331,533



358,825



612,617



654,722



(7.6)

%


(6.4)

%


(6.0)

%


(4.7)

%

Other businesses

16



74



92



126



(78.4)

%


(27.0)

%


(78.4)

%


(27.0)

%

Total consolidated revenues

$

331,549



$

358,899



$

612,709



$

654,848



(7.6)

%


(6.4)

%


(6.0)

%


(4.7)

%

















Total wholesale

$

144,892



$

180,029



$

338,065



$

384,751



(19.5)

%


(12.1)

%


(17.7)

%


(10.2)

%

Total retail

60,212



103,453



109,011



160,849



(41.8)

%


(32.2)

%


(40.8)

%


(31.3)

%

Total e-commerce

126,445



75,417



165,633



109,248



67.7

%


51.6

%


69.8

%


53.6

%

Total consolidated revenues

$

331,549



$

358,899



$

612,709



$

654,848



(7.6)

%


(6.4)

%


(6.0)

%


(4.7)

%



(1)

Reflects year over year change as if the current period results were in constant currency, which is a non-GAAP financial measure. See 'Reconciliation of GAAP Measures to Non-GAAP Measures' above for more information.

 

CROCS, INC. AND SUBSIDIARIES
RETAIL STORE COUNTS
(UNAUDITED) 












March 31, 2020


Opened


Closed


June 30,
2020

Type:









Outlet stores


194



3



6



191


Retail stores


108



2



6



104


Kiosk/store in store


65







65


Total


367



5



12



360


Operating segment:









Americas


166



1



2



165


Asia Pacific


146



4



8



142


EMEA


55





2



53


Total


367



5



12



360






















December 31, 2019


Opened


Closed/Transferred


June 30,
2020

Type:









Outlet stores


193



5



7



191


Retail stores


109



3



8



104


Kiosk/store-in-store


65



1



1



65


Total


367



9



16



360


Operating segment:









Americas


165



2



2



165


Asia Pacific


145



5



8



142


EMEA


57



2



6



53


Total


367



9



16



360


 

CROCS, INC. AND SUBSIDIARIES
DIGITAL SALES PERCENTAGE, COMPARABLE RETAIL STORE SALES, AND DIRECT-TO-CONSUMER COMPARABLE SALES
(UNAUDITED) 


Digital sales, which includes sales through our company-owned website, third party marketplaces, and e-tailers, as a percent of total revenues, by operating segment were:



Three Months Ended June 30,


Six Months Ended June 30,


2020


2019


2020


2019

Digital sales as a percent of total revenues:








  Americas

58.4

%


30.7

%


44.8

%


28.7

%

  Asia Pacific

46.6

%


30.9

%


37.5

%


25.7

%

  EMEA

63.4

%


40.3

%


50.7

%


35.9

%

  Global

56.1

%


32.6

%


44.2

%


29.4

%


Comparable retail store sales and direct-to-consumer store sales by operating segment are shown below. Consistent with our definition of comparable store sales described in a footnote to the below tables, these results include 94 comparable stores in April, 110 comparable stores in May, and 247 comparable stores in June.



Constant Currency (1)


Three Months Ended June 30,


Six Months Ended June 30,


2020


2019


2020


2019

Comparable retail store sales: (2)








  Americas

18.2

%


17.6

%


21.0

%


15.6

%

  Asia Pacific

8.5

%


0.7

%


(2.8)

%


0.3

%

  EMEA

(14.0)

%


8.2

%


(6.5)

%


8.6

%

  Global

10.5

%


11.8

%


9.0

%


10.6

%






Constant Currency (1)


Three Months Ended June 30,


Six Months Ended June 30,


2020


2019


2020


2019

Direct-to-consumer comparable sales (includes retail and e-commerce): (2)








  Americas

74.9

%


20.8

%


49.9

%


18.7

%

  Asia Pacific

22.7

%


3.5

%


13.9

%


3.0

%

  EMEA

40.6

%


14.5

%


32.7

%


16.0

%

  Global

49.1

%


14.2

%


34.7

%


13.5

%



(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.

  


Investor Contact:

Cori Lin, Crocs, Inc.



(303) 848-5053



clin@crocs.com





PR Contact:

Melissa Layton, Crocs, Inc.



(303) 848-7885



mlayton@crocs.com

 

 

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/crocs-inc-reports-fiscal-2020-second-quarter-results-301102679.html

SOURCE Crocs, Inc.



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