Manufacturing  May 8, 2015

Crocs posts $2.4M loss, revenue slides in 1Q

NIWOT —  Shoemaker Crocs Inc. (Nasdaq: CROX) on Friday reported a decline in revenue and a loss of $2.4 million for its first quarter 2015, which ended March 31.

The Niwot-based company posted revenue of $262.2 million for the quarter, down from $312.4 million in the same period a year ago.

The $2.4 million loss, or 8 cents per share, was a decline from its profit of $9.1 million and 6 cents per share for the first quarter of last year.

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“Compared to last year, our first quarter financial results reflect the strategic shift to focus the organization on a narrower range of businesses, less retail stores and a narrowed geographic focus,” Crocs’ chief executive Gregg Ribatt said in a prepared statement.

“The balance of our business continues to stabilize across all of our regions while we address the continuing challenges of the stronger U.S. dollar, our China business and the impact of the slowdown at the U.S. ports.”

He said the company had a lower inventory and global accounts receivables during the first quarter but expects second-quarter revenue to be in the $340 million to $350 million range.

During the first quarter, chief operating officer, Scott Crutchfield, left the company. In conjunction with Crutchfield’s departure, the company is making a series of senior-level organizational changes that include the elimination of the COO and senior vice president of global supply chain roles.

Phil Blake joined Crocs as senior vice president of global sourcing, and Dennis Sheldon, an eight-year Crocs veteran, has been promoted to senior vice president of global distribution and logistics.

The company repurchased 1.7 million shares of common stock in the first quarter of 2015 at an average price of $11.60. The company ended the quarter at 77.2 million common shares outstanding and first quarter weighted average shares outstanding was 77.8 million.

Crocs’ stock was trading at $14.02 per share mid-day Friday.

NIWOT —  Shoemaker Crocs Inc. (Nasdaq: CROX) on Friday reported a decline in revenue and a loss of $2.4 million for its first quarter 2015, which ended March 31.

The Niwot-based company posted revenue of $262.2 million for the quarter, down from $312.4 million in the same period a year ago.

The $2.4 million loss, or 8 cents per share, was a decline from its profit of $9.1 million and 6 cents per share for the first quarter of last year.

“Compared to last year, our first quarter financial results reflect the strategic shift to focus…

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