Crocs rides onlines sales to beat earnings estimates 

BROOMFIELD — It’s been a big week for Crocs Inc. (NASDAQ: CROX). First, the Broomfield-based footwear giant’s fried chicken-themed clog collaboration with KFC sold out in less than an hour after being released Tuesday. Then on Thursday, Crocs posted higher than expected quarterly earnings, shooting the firm’s stock price up in early trading.  Crocs posted Q2 revenues of $331.5 million, down 7.6% from the second quarter of 2019. Despite the year-over-year revenue dip, Crocs posted earnings per share of  $1.01 in the most recent quarter compared to $0.55 per share a year ago. The Zachs Consensus Estimate for 2020 Q2 was a mere $0.12 per share. Global e-commerce revenue was 67.7% in Q2, an important metric given the COVID-19 closures of retail outlets during the early part of the quarter.  “Amidst unprecedented market conditions globally, we delivered exceptional performance in our Americas and e-commerce businesses and increased profit despite a very challenging environment,” Crocs CEO Andrew Rees said in a prepared statement. “Our performance demonstrates the strength of the Crocs brand and underscores the work we’ve done expanding the desirability, relevance, and consideration of our brand and product offering globally.” The quarter also saw the opening of Croc’s new headquarters in Broomfield. The firm moved from Niwot to a nearly 90,000-square-foot office space in Broomfield’s Atria development last month.  Early in the COVID-19 outbreak, Crocs withdrew its guidance for the remainder of the year. But barring any additional shutdowns, the firm expects revenue for the remainder of 2020 to be approximately flat compared to the back-half of 2019. Crocs stock was trading up 3.77% at $38.78 as of 9:40 a.m. Mountain Time before ending the day at $37.54 per share. © 2020 BizWest Media LLC
Source: BizWest

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