Crocs (CROX) Posts Q1 GAAP Loss of 8c/Share

Crocs (NASDAQ: CROX) reported Q1 EPS of ($0.08), $0.06 worse than the analyst estimate of ($0.02). Revenue for the quarter came in at $262.2 million versus the consensus estimate of $262.55 million.

As outlined in detail in the non-GAAP reconciliations set forth later in this press release, the company recorded $10.7 million in non-recurring and special charges in the first quarter of 2015 compared with $8.1 million in non-recurring and special charges in the first quarter of 2014.

Excluding these items the company reported:

• Non-GAAP operating income of $8.3 million versus $24.9 million in the comparable prior year period.
• On a comparable basis, non-GAAP adjusted net income attributable to common shareholders of $4.7 million in the quarter versus $14.5 million in the first quarter of 2014.

Organizational change

The company also announced that the Crocs' Chief Operating Officer, Scott Crutchfield, is leaving the company. In conjunction with Crutchfield's departure, the company is making a series of senior level organizational changes that include the elimination of the Chief Operating Officer and the SVP of Global Supply Chain roles. Phil Blake is joining the company as SVP of Global Sourcing. Blake previously served as the VP of Sourcing at Clarks Americas, SVP of Sourcing at Collective Brands Performance & Lifestyle Group and VP of Manufacturing at Timberland. Dennis Sheldon, an 8-year Crocs veteran, has been promoted to SVP of Global Distribution & Logistics. Sheldon most recently led Crocs SAP initiative. Prior to that he served as the company's VP of Distribution & Logistics. Both Blake and Sheldon will report directly to CEO Gregg Ribatt.

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

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