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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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February 26, 2015
18:43 EDTCROXOn The Fly: After Hours Movers
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16:09 EDTCROXCrocs sees Q1 reveneue $260M-$265M, consensus $292.2M
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16:07 EDTCROXCrocs reports Q4 revenue $206.5M, consensus $203.24M
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07:41 EDTCROXCrocs volatility elevated into Q4 and outlook
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February 23, 2015
11:32 EDTCROXCrocs reorganizes regional business structure
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06:40 EDTCROXCrocs price target lowered to $10 from $13 at Piper Jaffray
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February 20, 2015
09:23 EDTCROXGoldman sees select Apparel and Footwear opportunities due to FX risk
Goldman said translation currency exposure in the Apparel and Footwear has created volatility and opportunity to gain exposure to this theme. Goldman's analyst sees a positive near-term set-up for Nike (NKE) and Tiffany (TIF) and a negative set-up for Crocs (CROX) and Abercrombie & Fitch (ANF) and of upcoming earnings reports.
February 19, 2015
06:13 EDTCROXCrocs volatility elevated into Q4 and outlook
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