Monday, October 17, 2011 4:32:20 PM
http://finance.yahoo.com/news/Crocs-Inc-Revises-Third-bw-2496890738.html?x=0&.v=1
NIWOT, Colo.--(BUSINESS WIRE)-- Crocs, Inc. (NASDAQ:CROX - News) today revised its revenue and earnings guidance for the third quarter ended September 30, 2011.
For the third quarter of 2011, the Company now expects revenue to be in the range of $273.0 to $275.0 million, an increase of approximately 27% over the $215.6 million of revenue reported in the third quarter last year. This compares to the Company’s previous guidance for third quarter 2011 revenue of $280.0 million. For the third quarter 2011, the Company now expects diluted earnings per share to be between $0.31 and $0.33 compared to its previous guidance of diluted earnings per share of $0.40.
John McCarvel, President and Chief Executive Officer, stated: “Our business in Asia has continued to perform very well on the strength of our new product introductions. After a very positive response to our spring / summer 2011 product line in the Americas, we experienced some softness in our consumer direct channel in kiosk and outlet locations. Gross margins on a consolidated basis were slightly lower in the quarter than our initial expectations driven in part by lower direct sales as a percentage of total revenue.
“While we are disappointed with this guidance revision, we are very pleased with our year-to-date performance and believe that the Crocs brand has never been stronger,” continued Mr. McCarvel. “We remain focused on further penetrating new footwear categories and committed to building our market presence during the fall and holiday seasons. Looking ahead, based on current trends, we believe that fourth quarter revenue will grow in the low teen range on a percentage basis over the same period a year ago.”
The Company also announced that its backlog at September 30, 2011 was approximately $297 million an increase of about 30% compared to the same period a year ago.
Mr. McCarvel concluded, “We are very pleased with the 30% increase in our wholesale backlog at the end of the third quarter which comes on top of a 37% increase a year ago. Building on recent product successes, we are expanding our translucent, Crocs chameleon, and sneaker collections as we head into Spring 2012. Impacted by macro economic headwinds in Europe, growth in our European business has slowed in Q3 and Q4 and is also evident in our spring/summer backlog for 2012. The solid backlog growth rate in Americas and Asia, provides key long-term building blocks to benefit from our increasing product breadth. In addition, our balance sheet remains healthy with record levels of cash and quarter end inventory levels that are projected to be down slightly on a sequential basis.”
Crocs will report full third quarter 2011 financial results on Thursday, October 27, 2011.
Recent CROX News
- Form 4/A - Statement of changes in beneficial ownership of securities: [Amend] • Edgar (US Regulatory) • 06/12/2024 11:39:31 PM
- Denim and Dudes: Lee and HEYDUDE Launch New Collaboration for Summer • Business Wire • 06/11/2024 12:00:00 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 06/10/2024 08:04:21 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 06/06/2024 11:59:36 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 06/06/2024 11:59:21 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 06/06/2024 11:58:29 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 06/06/2024 11:58:17 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 06/05/2024 08:48:07 PM
- Form 3 - Initial statement of beneficial ownership of securities • Edgar (US Regulatory) • 06/05/2024 08:43:32 PM
- Form 3 - Initial statement of beneficial ownership of securities • Edgar (US Regulatory) • 06/05/2024 04:26:59 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 06/05/2024 03:26:51 PM
- Crocs, Inc. to Present at Baird's 2024 Global Consumer, Technology & Services Conference • PR Newswire (US) • 05/30/2024 11:30:00 AM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 05/29/2024 08:11:52 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/29/2024 12:30:51 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/29/2024 12:30:38 AM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 05/28/2024 07:48:47 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 05/28/2024 07:25:04 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 05/24/2024 09:24:32 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 05/09/2024 06:58:06 PM
- Crocs Gives Old Shoes a Second Chance with Expansion of Takeback Program Across the United States • PR Newswire (US) • 05/09/2024 01:00:00 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 05/08/2024 08:10:21 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 05/07/2024 04:14:25 PM
- U.S. Index Futures Mixed in Pre-Market Tuesday, Oil Dip • IH Market News • 05/07/2024 11:47:40 AM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/07/2024 11:08:10 AM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/07/2024 11:02:11 AM
ECGI Holdings Announces LOI to Acquire Pacific Saddlery to Capitalize on $12.72 Billion Market Potential • ECGI • Jun 13, 2024 9:50 AM
Fifty 1 Labs, Inc. Announces Major Strategic Advancements and Shareholder Updates • CAFI • Jun 13, 2024 8:45 AM
Snakes & Lattes Opens Pop-Up Location at The Wellington Market in Toronto: A New Destination for Fun and Games - Thanks 'The Well', PepsiCo, Indie Pale House & All Sponsors & Partners for Their Commitment & Assistance Throughout The Process • FUNN • Jun 13, 2024 8:18 AM
HealthLynked Introduces Innovative Online Medical Record Request Form Using DocuSign • HLYK • Jun 12, 2024 8:00 AM
Ubiquitech Software Corp (OTC:UBQU) Posts $624,585 Quarterly Revenue - Largest Quarter Since 2018 • UBQU • Jun 11, 2024 10:13 AM
Element79 Gold Corp Files for OTCQB Uplisting, Provides Financial Update • ELEM • Jun 11, 2024 9:25 AM