Crocs’ 3Q revenue declines, loss narrows

NIWOT — Shoemaker Crocs Inc. on Wednesday reported a loss of $5.4 million, or 7 cents per share, for its third quarter that ended Sept. 30, less than the loss of $27.8 million, or 37 cents per share, it incurred during the same period a year ago.

Niwot-based Crocs (Nasdaq: CROX) generated revenue of $245.9 million for the quarter, an 11.6 percent decline from $274.1 million generated in the same period a year ago.

“We continue to manage our business tightly in what remains a challenging consumer environment,” said Gregg Ribatt, Crocs’ chief executive. “Revenues were in-line with our expectations while gross margin exceeded our guidance by approximately 200 basis points as we further limited off-price selling and promotional activities.

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“At the same time, we reduced our inventories 11 percent compared with last year. Looking ahead, we continue to plan conservatively given the current top-line headwinds.”

As of Sept. 30, Crocs had cash and cash equivalents of $150.2 million compared with $143.3 million as of Dec. 31, 2015. Inventory was $169.4 million at quarter’s end, compared with $190.8 million for the same quarter a year ago.

The company expects fourth-quarter 2016 revenue in the $185 million to $195 million range, compared with $208.7 million in the fourth quarter of 2015. For its fiscal year 2016, the company expects revenue to range from $1.03 million to $1.04 million.

Crocs’ stock was trading mid-day at $7.77 per share. It has a 52-week price range of $6.79 to $12.54 per share.