Crocs updates revenue guidance for 2018

NIWOT — Crocs Inc. (Nasdaq: CROX) has updated its guidance for the fourth quarter ended Dec. 31, ahead of a presentation it is making at the ICR Conference.

The company said it now expects fourth quarter revenues of $211 million to $214 million; it previously expected revenues of $195 million to $205 million. The Niwot-based shoe company had revenues of $199.1 million in the fourth quarter of 2017.

“These results clearly demonstrate that consumer demand for clogs and sandals is year-round. Classic and lined clogs were particular standouts, and exceptional results in North America contributed to our outperformance,” Andrew Rees, president and CEO of Crocs, said in a prepared statement. “We are thrilled to finish the year on such a high note and are looking forward to another successful year in 2019.”

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Crocs also updated its guidance for the full year of 2018 and said it expects revenue to grow about 6 percent. The company previously expected about 4 to 5 percent growth over 2017’s revenue of $1.02 billion.

Looking ahead to 2019, Crocs said it anticipates a mid-single digit increase over 2018 revenues. E-commerce and wholesale growth is expected to more-than-offset lower retail revenues from a smaller store count. Crocs’ reduced store count is expected to reduce revenues by about $25 million. However, the company said it believes it can add that back through other channels and have 2019 revenues be up mid to high single digits over expected 2018 revenues.

At the time of publication, Crocs’ stock price was $30.96 (as of market close on Jan. 11, prior to Crocs’ announcement of its update.) Over the last six months, its stock price has been steadily climbing. Its stock has nearly doubled from July 2018, when it was $17.03 per share.