=Crocs (CROX) reported earnings on Wed 1 March 17 (b/o)

Crocs reports Q4 (Dec) results, misses on revs; guides Q1 revs below consensus; guides FY17 revs in-line; announces management changes :

• Reports Q4 (Dec) loss of $0.60 per share, may not be comparable to the Capital IQ Consensus of ($0.35); revenues fell 10.2% year/year to $187.4 mln vs the $189.4 mln Capital IQ Consensus.
  • As outlined in detail in the GAAP to non-GAAP reconciliations set forth later in this press release, the company recorded net charges of $1.4 million unrelated to our core business in the three months ended December 31, 2016, compared to $26.8 million in the three months ended December 31, 2015.
  • Excluding these items, the company reported on a comparable basis, non-GAAP adjusted net loss attributable to common stockholders of $43.1 million in the three months ended December 31, 2016, versus non-GAAP adjusted net loss attributable to common stockholders of $47.2 million in the three months ended December 31, 2015.
• Co issues downside guidance for Q1, sees Q1 revs of $255-265 mln vs. $277.60 mln Capital IQ Consensus Estimate. The company expects gross margin for the quarter to be approximately 200 basis points higher than first quarter 2016. The company expects Non-GAAP SG&A for the quarter to be moderately above prior year in absolute dollars.
• Co issues guidance for FY17, expects 2017 revenue to be relatively flat compared to prior year reflecting the impact of store closings, the reduction of discount channel business and the disposition of our South Africa and Taiwan businesses during 2016, as we continue to focus on improving the quality of our revenue. This would equate to FY17 revs of $1.04 bln vs. $1.05 bln Capital IQ Consensus Estimate.
  • The company expects gross margin for 2017 to be approximately 50%.
• Co will consolidate the roles of President and CEO. To that end, Andrew Rees, who joined the company in June 2014 as President, will be promoted to President and Chief Executive Officer effective June 1, 2017. Gregg Ribatt, our current Chief Executive Officer, will remain on the Company's Board of Directors.