New User:

-or-
Username:
Password:
Forgot your password?

Stock Market & Financial Investment News

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
Sign up for a free trial to see the rest of the stories you've been missing.
May 21, 2015
09:58 EDTCROXOn The Fly: Analyst Initiation Summary
Today's noteworthy initiations include: Alibaba (BABA) initiated with an Outperform at Bernstein... Alkermes (ALKS) initiated with an Overweight at Barclays... Burlington Stores (BURL) initiated with an Outperform at FBR Capital... Crocs (CROX) initiated with a Neutral at B. Riley... Darling (DAR) initiated with a Buy at Roth Capital... Dynegy (DYN) initiated with an Outperform at RBC Capital... Esperion (ESPR) initiated with an Overweight at Barclays... Five Below (FIVE) initiated with a Market Perform at FBR Capital... Intercept (ICPT) initiated with an Overweight, $450 target at Barclays... Johnson Matthey (JMPLY) initiated with a Buy at Jefferies... Nike (NKE) initiated with a Buy at Jefferies... RTI Surgical (RTIX) initiated with a Buy at Sidoti... TeleNav (TNAV) initiated with an Outperform at Northland... Trevena (TRVN) initiated with an Equal Weight at Barclays... Vectrus (VEC) initiated with a Hold at Stifel.
May 20, 2015
17:23 EDTCROXCrocs initiated with a Neutral at B. Riley
Subscribe for More Information
10:59 EDTCROXCrocs management to meet with Piper Jaffray
Subscribe for More Information
May 14, 2015
10:00 EDTCROXOn The Fly: Analyst Upgrade Summary
Subscribe for More Information
06:40 EDTCROXCrocs upgraded to Overweight from Neutral at Piper Jaffray
Piper Jaffray analyst Erinn Murphy upgraded Crocs to Overweight on expectations the shoemaker's margins will improve and sales will trend into positive territory in the second half of 2015. Murphy believes shares can trade higher despite the 16.4% year-to-date rise and upped her price target for the stock to $17 from $13.

Sign up for a free trial to see the rest of the stories you've been missing.

I agree to the theflyonthewall.com disclaimer & terms of use