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News Breaks
July 22, 2014
13:05 EDTCROXCrocs jumps after racing past expectations, detailing store strategy
Shares of footwear maker Crocs (CROX) are jumping after the company reported second quarter earnings per share and revenue that exceeded analysts' consensus. Crocs also detailed its strategic plans, which includes cost-saving measures and store closures. WHAT'S NEW: Crocs' EPS of 36c beat analysts' consensus of 31c and its Q2 revenue of $376.92M was higher than analysts' consensus of $372.76M. Crocs reported that its global Q2 same-store sales fell 5.1%, as SSS in the Americas for the quarter were down 6.2% and its SSS in Asia Pacific was down 6%, though its SSS in Europe rose 1.1%. The company foresees Q3 revenue to be between $300M-$305M, compared to analysts' consensus of $300.5M prior to the update. Crocs detailed its strategic plans for long-term improvement and growth of the business, including streamlining its product and marketing portfolio, reducing direct investment in smaller geographic markets, reducing duplicative and excess overhead, and closing or converting approximately 75 to 100 Crocs branded retail stores globally. The company expects cost savings associated with the reduction in force of $4M in FY14 and $10M in FY15. The company expects store closings will reduce revenue by approximately $35M-$50M and reduce SG&A expense by approximately $17M-$25M with an insignificant impact on future operating income. ANALYST REACTION: Buckingham analyst Scott Krasik reiterated his Buy rating on Crocs after the company reported "solid" Q2 revenue and EPS that was better than expectations. Krasik is "encouraged" by management's outlook for mid-single digit backlog and thinks investors should add to positions after seeing the first details of the company's restructuring plans. PRICE ACTION: During afternoon trading, Crocs was up $1.65 or 11.1%, to $16.49.
News For CROX From The Last 14 Days
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December 16, 2014
09:59 EDTCROXOn The Fly: Analyst Upgrade Summary
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08:31 EDTCROXCrocs upgraded at Sterne Agee
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08:11 EDTCROXCrocs new CEO positive, says Stifel
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07:03 EDTCROXCrocs upgraded to Buy from Neutral at Sterne Agee
Price target is $16.
December 15, 2014
16:36 EDTCROXCrocs names Gregg Ribatt as CEO
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