Crocs (CROX) Tops Q3 EPS, Revs In-Line; Guides Q4 Below the Street

Crocs (NASDAQ: CROX) reported Q3 EPS of $0.12, or $0.30 ex-items, $0.16 better than the analyst estimate of $0.14. Revenue for the quarter came in at $302.4 million versus the consensus estimate of $295.4 million.

Crocs sees Q4 2014 revenue of $200-210 million, versus the consensus of $226.6 million.

Crocs President Andrew Rees said, “Revenues in the quarter were in line with our expectations in three out of four regions. Despite unfavorable exchange rates, we saw 13% year-over-year revenue growth in Europe, with the greatest part of that coming from strong wholesale channel performance. In the Americas, we saw a 10% revenue rise, as U.S. same-store sales trends began to improve in the back half of the quarter. Revenue declined slightly in Asia, where results were substantially impacted by weaker performance in our China wholesale and retail businesses. While Internet sales increased slightly in Japan, revenue for the region was down 9% overall due to weak retail same-store sales, lower at-once demand and continued weakness in the Yen.”

“From a channel perspective,” Rees continued, “global wholesale revenue climbed 8% and global Internet revenue rose 9%, with very strong Internet sales results in the Americas. We continue to work to improve performance in our global retail channel, where revenue rose about 1% in the quarter but same-store sales were down 4.5%. As a follow up to the reorganization efforts in the third quarter, we recently made several key changes to our global management team. Including the consolidation of global product development and merchandising under Michelle Poole, an industry veteran with over 14 years of footwear experience. The addition of Bob Munroe as GM of the Americas; Bob joins us with 30 years of footwear and apparel experience, including 11 years at Reebok where he was ultimately President of North America. And, the promotion of

Scott Yuan to the position of General Manager of Greater China. We are excited to enrich our team as we focus on the future and potential growth opportunities of the Crocs brand. ”

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

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