Crocs (CROX) Misses Q2 EPS by 5c; Guidance Falls Short

Crocs (NASDAQ: CROX) reported Q2 EPS of $0.13, $0.05 worse than the analyst estimate of $0.18. Revenue for the quarter came in at $323.8 million versus the consensus estimate of $348.46 million.

Gregg Ribatt, Chief Executive Officer, said: “Despite a decline in our revenue, I am encouraged by our strategic progress which has enabled us to help mitigate the top-line pressure on profitability by delivering better than expected gross margins and managing expenses while reducing inventories. The global retail environment became more challenging as the second quarter progressed. This impacted our wholesale reorder opportunities and contributed to our sales shortfall relative to expectations. These headwinds were partially offset by a 2.9% increase in global direct-to-consumer comparable store sales, which is a positive indication that consumers are responding favorably to our new product line and enhanced marketing efforts. We remain confident that we have successfully repositioned the business and built the platform to provide sustained growth and profitability over the long-term.”

GUIDANCE:

Crocs sees Q3 2016 revenue of $245-255 million, versus the consensus of $289.52 million.

For earnings history and earnings-related data on Crocs (CROX) click here.

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