** charts before earnings **
** charts after earnings **
Crocs reports Q2 results, misses on revs; guides Q3 and FY16 revs below consensus :
- Reports Q2 (Jun) earnings of $0.16 per share, based on $12 mln in adj. net income over 73.4 mln shares, may not compare to Capital IQ Consensus of $0.15 (GAAP EPS $0.13 vs. $0.11 GAAP consensus); revenues fell 6.3% year/year to $323.8 mln vs the $348.04 mln Capital IQ Consensus.
- Co issues downside guidance for Q3, sees Q3 revs of $245-255 mln vs. $289.99 mln Capital IQ Consensus Estimate.
- Sees low single digit FY16 rev decline vs. +4.3% consensus. This guidance reflects the more cautious retail environment and the slower turnaround in China.
- "Despite a decline in our revenue, I am encouraged by our strategic progress which has enabled us to help mitigate the top-line pressure on profitability by delivering better than expected gross margins and managing expenses while reducing inventories. The global retail environment became more challenging as the second quarter progressed. This impacted our wholesale reorder opportunities and contributed to our sales shortfall relative to expectations. These headwinds were partially offset by a 2.9% increase in global direct-to-consumer comparable store sales, which is a positive indication that consumers are responding favorably to our new product line and enhanced marketing efforts. We remain confident that we have successfully repositioned the business and built the platform to provide sustained growth and profitability over the long-term."
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