Home / Knowledge / News / Fashion / Crocs Q1 results in line with expectations
Crocs Q1 results in line with expectations
11
May '09
Crocs, Inc. reported financial results for the first quarter ended March 31, 2009.

Q1 2009 revenue of $134.9 million is up 7% from the quarter ended Q4 of 2008 and down $63.6, or 32% from Q1 of 2008. The Company reported a net loss of $22.4 million in the first quarter of 2009 with a diluted loss per share of $0.27, compared to a Q4 net loss of $34.7 million, or ($0.42) per share and a Q1 2008 net loss of $4.5, or ($0.05) per share. Selling, general and administrative costs are down 26% compared to Q4 2008 and down 6.2% from the same quarter a year ago.

Year-over-year changes in the Company's channel revenue streams were as follows:
- Retail sales increased 60% to $27.9 million;
- Internet sales increased 46% to $11.7 million; and
- Wholesale sales decreased 45% to $95.3 million.

Changes in the Company's regional revenue streams during the same periods were as follows:
· Asia increased 7% to $39.0 million;
· Europe decreased 49% to $28.3 million; and
· Americas decreased 37% to $67.6 million.

The Company reported a net loss of $22.4 million, or ($0.27) per diluted share for the three months ended March 31, 2009 compared to a net loss of $4.5 million, or ($0.05) per diluted share for the three months ended March 31, 2008. Excluding a $3.4 million pre-tax foreign currency exchange rate loss primarily on intercompany balances, the Company's non-GAAP net loss was $19.0 million or ($0.23) per diluted share in the three months ended March 31, 2009.

Balance Sheet
The Company's cash and cash equivalents declined to $50.9 million from $51.7 million as of December 31, 2008. However, compared to the quarter ended March 31, 2008, the Company's cash and cash equivalents increased by approximately $21.3 million. Borrowings under the Company's credit facility were $19.8 million at March 31, 2009 compared to $22.4 million at December 31, 2008 and $42.8 million at March 31, 2008. During the first quarter of 2009, the Company was successful in extending the term of its bank credit facility through September 30, 2009. The Company is currently in discussions regarding a new borrowing arrangement and is exploring alternatives for other sources of capital for ongoing cash needs.

Inventory decreased 8% since December 31, 2008 to $131.2 million at March 31, 2009. Compared to first quarter 2008, inventories decreased 51% as a result of more stringent asset management and inventory write-downs taken in the last half of 2008.

The Company had accounts receivable of $60.6 million as of March 31, 2009 compared to $35.3 million at December 31, 2008 and $154.6 million as of March 31, 2008. The year-over-year reduction in accounts receivable is due to an improvement in accounts receivable collections as days sales outstanding decreased from 70.9 days for the three months ended March 31, 2008 to 40.4 days for the three months ended March 31, 2009.

Capital expenditures, net of proceeds, in the first quarter of 2009 were $4.4 million compared to $22.2 million in the first quarter of 2008.

“While our first quarter results were generally in line with expectations, there is still much work ahead of us in order to improve on our recent performance and return to consistent profitability,” stated John Duerden, President and Chief Executive Officer of Crocs, Inc. “Crocs achieved a tremendous amount in a few short years and quickly established itself as a truly global brand with market penetration in more than 100 countries. During this time, the product line evolved significantly from a few key items into seasonal footwear collections that have created a large and loyal consumer base."


Must ReadView All

UK retailers may face extra £190 mn in business rates

Apparel/Garments | On 21st Sep 2018

UK retailers may face extra £190 mn in business rates

Retailers in the UK are likely to face an extra £190 million on their ...

Courtesy: EFI

Textiles | On 21st Sep 2018

Digital textile printing expected to grow at 20% CAGR

Digital textile printing is at this time about 3-4 per cent of all...

Bangladesh demands better prices for garment items from US

Apparel/Garments | On 21st Sep 2018

Bangladesh demands better prices for garment items from US

Bangladesh sought better prices for its exports, especially garments, ...

Interviews View All

Yash Agarwal, Hitansh Online

Yash Agarwal
Hitansh Online

Every market region has its own culture and trends

Divyesh Mashruwala, Akshar Industries

Divyesh Mashruwala
Akshar Industries

Surat dominates foiling, embossing and pleating

Smita Murarka, Amanté

Smita Murarka
Amanté

‘There is huge demand in the Indian lingerie market for non-wired styles.’

Tina Antoniades,

Tina Antoniades

India-headquartered Lulu & Sky is a rapidly escalating brand with the...

Yash Jain & Sanjeev Jain,

Yash Jain & Sanjeev Jain

Divyam Export, launched about 30 years ago, exports to 15 countries,...

Ramez Basmaji,

Ramez Basmaji

Fabusse is a Lebanon-based fashion agency that offers a variety of...

Alfonso Marra, Klopman

Alfonso Marra
Klopman

It was in 1968 that Klopman introduced the concept of poly/cotton workwear ...

Suresh Patel, Sidwin Fabric

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Marten Alkhagen, Swerea IVF AB

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Jay Ramrakhiani, Occasions Elegance Wear

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Anisha Chaudhari, Threads & Shirts

Anisha Chaudhari
Threads & Shirts

Threads & Shirts is a freshly-tailored concept providing men/women a...

Rupa Sood and Sharan Apparao, Nayaab

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


September 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search