Crocs shares reverse course on upbeat profit forecast

Crocs

07/05/2024 15:22

(Updates)
    ** Shares of casual footwear maker Crocs  CROX.N  up 9.2% at
$138.50 in early trade, reversing from premarket losses after
lifting annual adjusted profit forecast
    ** Expects FY 2024 adj. EPS between $12.25 and $12.73, up
from previous range of $12.05 to $12.50
    ** Tops Q1 sales and profit expectations on robust global
demand for its Crocs brand
    ** Still, Q2 revenue forecast falls short of expectations
due to weakness at its HEYDUDE brand
    ** Sees Q2 revenue to be up 1% to 3% vs analysts est. of
about 3.1% - LSEG data 
    ** Names Susan Healy as new CFO effective June 3; succeeds
Anne Mehlman, who was appointed president of Crocs brand
    ** As of last close, stock had risen 35.5% YTD

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