Crocs adds $10M to holiday quarterly earnings expectations
NIWOT — Colorado’s plastic clog company recorded a strong holiday sales period, as Crocs Inc. (Nasdaq: CROX) raised its earnings expectations for Q4 2019 by 6 percent.
The Niwot-based shoemaker raised its net revenue guidance from between $245 million to $255 million to between $260 million to $262 million and now expects 2019 overall revenues of just more than $1.4 billion, a 13 percent increase over 2018 sales, according to filings with the U.S. Securities and Exchange Commission.
The company also reaffirmed expectations for revenues to climb between 12 percent and 14 percent from 2019 levels through the rest of the year.
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Crocs released the upward guidance ahead of its presentation to investors at the ICR Conference Tuesday in Orlando.
“We delivered the strongest fourth quarter in Crocs’ history,” Crocs president and CEO Andrew Rees said in a prepared statement. “Our projected fourth quarter results represent a strong finish to a record year and we anticipate building on our 2019 growth trajectory in 2020.”
Crocs stock fell almost 5 percent in early trading Monday, but recovered to a loss of 1.54 percent over the period to close at $42.23 per share.
The company is also in the midst of moving from its headquarters from Niwot to the Via Varra area in Broomfield.
