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Crocs revenue gains 4.5% in Q1FY19

May '19
Pic: Crocs
Pic: Crocs
The revenue of Crocs, Inc., a world leader in innovative casual footwear for men, women, and children, were $295.9 million in the first quarter of fiscal 2019, growing 4.5 per cent over the first quarter of 2018, or 9.0 per cent on a constant currency basis. Store closures and business model changes reduced the company's revenue by approximately $6 million.

During the reported period, wholesale revenues rose 5.2 per cent, e-commerce revenues climbed 16.5 per cent and retail comparable store sales hiked 8.7 per cent.

"2019 is off to a great start. Revenues exceeded expectations as demand for our product and excitement around the brand continued to yield accelerated sell-throughs. We were particularly pleased with the exceptional direct to consumer performance successfully comping an earlier Easter last year. We have now delivered five consecutive quarters of double-digit DTC comp growth. I am more confident than ever in the strength of our brand and our future. As a reflection of our optimism, our board of directors has increased our share buyback authorisation by $500 million,” Andrew Rees, president and chief executive officer, said.

Gross margin was 46.5 per cent, compared to the guidance of 45.5 per cent, a decrease of 290 basis points from 49.4 per cent in last year’s first quarter. Non-recurring expenditures related to the relocation of Americas distribution centre reduced gross margin by 40 basis points, resulting in an adjusted gross margin of 46.9 per cent, 250 basis points below last year’s first quarter.

In the second quarter of 2019, the company expects revenue to be between $350 and $360 million compared to $328.0 million in the second quarter of 2018. The company anticipates revenue will be positively impacted by the Easter shift, but negatively impacted by approximately $6 million due to store closures and $10 million due to the stronger US Dollar as compared to last year. This guidance reflects constrained levels of Classic clogs as a result of surging demand; however, inventories are expected to be restored to appropriate levels by the end of the quarter.

For fiscal 2019, revenue is likely to be up between 5 to 7 per cent over 2018 revenue of $1,088.2 million. The company now anticipates 2019 revenue will be negatively impacted by approximately $25 million of currency changes and approximately $20 million resulting from store closures. (RR)

Fibre2Fashion News Desk – India

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