Crocs falls after it issues profit warning despite beating earnings and revenue estimates

Crocs Inc

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Consumer Discretionary : Textiles, Apparel & Luxury Goods | Small Cap Blend

Company profile

Crocs, Inc. is engaged in the design, development, marketing, distribution, and sale of casual lifestyle footwear and accessories for women, men and children. The Company's Crocs Brands collection contain Croslite material, a proprietary, molded footwear technology. The Company’s segments includes North America for the Crocs Brand, operating throughout the United States of America (US) and Canada; Asia Pacific for the Crocs Brand, operating throughout Asia, Australia, and New Zealand; Europe, Middle East, Africa, and Latin America (EMEALA) for the Crocs Brand; and (iv) the HEYDUDE Brand. The Company sells its products in approximately 85 countries, through two distribution channels: wholesale and direct-to-consumer. Its wholesale channel includes domestic and international multi-brand retailers, mono-branded partner stores, e-tailors and distributors. Its direct-to-consumer channel includes Company-operated retail stores, Company-operated e-commerce sites and third-party marketplaces.

Crocs falls after it issues profit warning despite beating earnings and revenue estimates

9:36 am ET April 27, 2023 (MarketWatch) Print

Crocs Inc. (CROX) fell 11.5% in early trades after it said it would fall short of Wall Street's second-quarter profit forecast, as investors looked past its better-than-expected first-quarter results. Crocs said it expects second-quarter profit of $2.83 to $2.98 a share, below the analyst forecast of $3.27 a share, according to estimates compiled by FactSet. For the first quarter, Crocs posted first-quarter earnings of $2.61 a share, well ahead of the $2.16 a share analyst estimate. Crocs's first-quarter revenue of $884.2 million came in well ahead of the expectation of $856.8 million, according to FactSet. For 2023, the company expects revenue of $4 billion, in line with analyst estimates.

-Steve Gelsi

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April 27, 2023 09:36 ET (13:36 GMT)