Published on April 4th, 2017 | by Daily Station Team

Crocs Reports Loss in Q4 – Shares Slide

Crocs Inc.

Crocs Inc. (CROX) recently posted their financial results for the fourth quarter of the 2014 fiscal year. The company that is based in Niwot, Colorado reported they had incurred a loss for Q4, leading to their stock tumbling by more than 5 percent in trading after market close.

Thus, Crocs reported a GAAP net loss for the quarter of $56.9 million, equating to a loss of $0.7 per share. This is compared to the same quarter of the previous year, when the company generated a loss of $66.9 million, equating to a loss per share of $0.76. Without certain items, the company’s adjusted non-GAAP net loss came out to $30 million for Q4. This is compared to an adjusted, non-GAAP net loss of $17.7 million for the same quarter of the previous year.

Crocs saw their revenues slide by 9.7 percent to reach $206.5 million. Revenues showed a decline of 5 percent on a constant currency basis. Analysts, though, had expected the company to generate revenues of $203.24 million, with a loss per share of $0.31.

On the 31st of December, 2014, the company had $267.5 million in cash and cash equivalents, whereas their inventory was valued at $171 million. This is compared to inventory on the 31st of December, 2013, when it was $162.3 million.

During Q4, Crocs bought back 4.5 million of their own shares for an average of $12.38 per share, working out to a total transaction of approximately $55.71 million.

Crocs’ Chief Executive Officer, Gregg Ribatt, stated that the company had managed to achieve sales that were on par with their forecasts. He went on to state that their results were flat compared to the previous year, if one took into account a constant currency situation in all regions where they are operational, including Europe, Asia, Japan and the Americas. He did exclude China and Latin America from this statement, though. Ribatt stated that they expect the strategy they had detailed in July of last year would allow the company to achieve success that would be sustainable for the long term.

Crocs is expecting their revenues in the first quarter of the 2015 financial year to decline between 10 percent and 12 percent, in a constant currency situation, thus coming in between $260 and $265 million. Analysts were expecting revenues of $292.17 million for the same timeframe.

Crocs saw their shares slide by 5.8 percent to trade at $10.07. The company has been trading between $10.25 and $16.83 over the past 52 weeks. Crocs has a market cap of $919.84 million.


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