Crocs hits 7-month high on annual profit forecast above estimates

Crocs

15/02/2024 15:45

(Updates)
    ** Shares of footwear maker Crocs  CROX.O  rise as much as
8% to $116.97 - highest since July 11, 2023
    ** Co forecasts annual adj. earnings per share in the range
of $12.05 to $12.50 above LSEG ests. of $11.90 per share
    ** Co also posts Q4 revenue of $960.1 mln vs LSEG ests of
$958.2 mln, driven by higher revenue in its direct-to-consumer
platform
    ** Reports adj. profit of $2.58/share vs analysts' ests of
$2.37 per share, owing to adj. gross margin expansion of 240
basis points to 55.7%
    ** "We are starting off 2024 from a position of strength and
taking the opportunity to reinvest into several key strategic
areas" - CEO Andrew Rees
    ** In 2023, stock fell nearly 15%
    

 (Reporting by Anuja Bharat Mistry in Bengaluru)
 ((AnujaBharat.Mistry@thomsonreuters.com))