Crocs drops on downbeat Q2 revenue forecast, new CFO appointment

Crocs

07/05/2024 12:26

** Shares of casual footwear maker Crocs  CROX.N  down 5.4%
at $119.79 in premarket trading
    ** CROX's Q2 revenue forecasts fall slightly short of
expectations as it sees weakness at its HEYDUDE brand
    ** Co expects Q2 revenue to be up 1% to 3% vs analysts est.
of about 3.1% - LSEG data 
    ** CROX's reiterates FY revenue forecast of 3% to 5% growth,
which is also below expectations of 4.3% increase
    ** However, co raises FY 2024 adjusted EPS forecast; expects
to earn a profit in the range of $12.25/shr to $12.73/shr vs
previous projections of $12.05 to $12.50
    ** CROX beats Q1 sales and profit estimates  
    ** Separately, co announces appointment of Susan Healy as
new CFO effective June 3; Healy succeeds Anne Mehlman, who was
recently appointed president of Crocs brand
    ** As of last close, stock had risen 35.5% YTD

 (Reporting by Granth Vanaik in Bengaluru)
 ((Granth.Vanaik@thomsonreuters.com; Twitter: https://twitter.com/Vanaik_Granth;))