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CROX - Crocs Inc News Story

$38.48 0.5  1.2%

Last Trade - 4:45pm

Sector
Consumer Cyclicals
Size
Mid Cap
Market Cap £1.97bn
Enterprise Value £2.06bn
Revenue £910.8m
Position in Universe 1625th / 6376

BRIEF-Crocs Reports Q1 Earnings Per Share Of $0.16

Thu 23rd April, 2020 12:49pm
April 23 (Reuters) - Crocs Inc  CROX.O :
    * CROCS, INC. REPORTS FISCAL 2020 FIRST QUARTER RESULTS
    * Q1 EARNINGS PER SHARE $0.16
    * Q1 EARNINGS PER SHARE ESTIMATE $0.36 -- REFINITIV IBES
DATA
    * Q1 ADJUSTED EARNINGS PER SHARE $0.22 EXCLUDING ITEMS
    * Q1 REVENUE $281.2 MILLION VERSUS REFINITIV IBES ESTIMATE
OF
$295.3 MILLION
    * QTRLY AMERICAS REVENUES INCREASED 14.4% AND E-COMMERCE
REVENUES
ROSE 15.8% FROM Q1 2019
    * CROCS- AT THIS TIME, CO ESTIMATES THAT STORES WILL BEGIN
TO OPEN
IN STAGES OVER COMING MONTHS
    * CROCS- EXPECT REVENUE DECLINES TO CONTINUE IN  RETAIL AND
WHOLESALE CHANNELS AS “SOCIAL DISTANCING” PRACTICES REMAIN IN
EFFECT
    * CROCS- EXPECT LARGER DECLINE IN REVENUES IN Q2, AS
MAJORITY OF
RETAIL AND PARTNER STORES MAY BE CLOSED FOR THE WHOLE PERIOD
    * CROCS- BEGINNING TO SEE SOME RECOVERY IN STORE TRAFFIC AND
SALES
IN CHINA AND KOREA WHERE ALMOST ALL STORES ARE NOW OPEN
    * CROCS- SEEING DECLINES IN JAPAN, INDIA, AND MUCH OF
SOUTHEAST
ASIA, AREAS THAT HAVE BEEN IMPACTED BY A SECOND WAVE OF THE
VIRUS
    * CROCS- COMPENSATION FOR BOARD AND SENIOR LEADERSHIP HAS
BEEN
SIGNIFICANTLY REDUCED FOR THE FORESEEABLE FUTURE TO ENHANCE
LIQUIDITY
    * CROCS- TEMPORARILY FURLOUGHED RETAIL EMPLOYEES BUT HAVE
RETAINED
STORE MANAGERS AND ASSISTANT STORE MANAGERS, ALBEIT WITH REDUCED
HRS IN NORTH AMERICA
    * CROCS- ACROSS CO FOR 2020, CO REDUCED HIRING, SUSPENDED
ANNUAL
INCREASES, MARKET ADJUSTMENTS, PROMOTIONS THAT WERE SCHEDULED TO
GO INTO EFFECT IN 2020
    * CROCS- SG&A EXPENSES FOR 2020 NOW EXPECTED TO BE BETWEEN
$440
AND $460 MILLION, WHICH IS ABOUT $30 TO $50 MILLION LOWER THAN
PRIOR YEAR
    * CROCS- CAPITAL EXPENDITURES FOR 2020 ARE EXPECTED TO BE
APPROXIMATELY $30 MILLION

Source text for Eikon:  ID:nBw5QKWTda 
Further company coverage:  CROX.O 

 ((Reuters.Briefs@thomsonreuters.com;))
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