Crocs downgraded to negative from neutral at Susquehanna
Crocs downgraded to negative from neutral at Susquehanna
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Crocs downgraded to negative from neutral at Susquehanna
Crocs Inc. shares slipped nearly 2% in Wednesday premarket trading after it gave weak full-year outlook. The footwear company said it had a net loss of $28.3 million for the fourth quarter, or 41 cents per share, after a loss of $44.5 million, or 60 cents per share, for the same period last year. Revenue totaled $199.1 million, up from $187.4 million the year prior. The FactSet consensus was for a loss of 33 cents per share and revenue of $195.0 million. "We expect moderate wholesale and double-digit e-commerce growth to be offset by the loss of retail revenue associated with store reductions," said Chief Executive Andrew Rees in a statement. For the first quarter, the company expects revenue of between $265.0 million and $275.0 million. The FactSet consensus is for revenue of $271.3 million. Revenue for the full year is expected to be "relatively flat," negatively impacted by $60 million from business model changes and store closures. Sales in 2017 were $1.02 billion. The FactSet consensus for 2018 is $8.65 billion. Crocs shares are up 28.6% for the past three months, and up 111.6% for the last year. The S&P 500 index is up 16.1% for the past 12 months.
Crocs, Inc. (CROX) has moved higher as of late, but there could definitely be trouble on the horizon for this company
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Crocs, Inc. engages in the design, development, manufacturing, worldwide marketing, and distribution of casual footwear, apparel, and accessories for men, women, and children. It operates through the following geographical segments: Americas, Asia Pacific, and Europe. The Americas segment consists of revenues and expenses related to product sales in the North and South America geographic regions. The Asia Pacific segment represents the revenues and expenses related to the product sales throughout Asia, Australia, New Zealand, the Middle East, and South Africa. The Europe segment comprises the revenues and expenses related to product sales throughout Europe and Russia. The company was founded by Scott Seamans, George B. Boedecker Jr. and Lyndon V. Hanson III in 2002 and is headquartered in Niwot, CO. (See Full Profile)
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