- Prachi Singh |
Revenues at Crocs were 243.3 million dollars, a decrease of 1.1 percent for the third quarter of 2017. On a constant currency basis, the company said, revenues decreased 1.6 percent compared to the third quarter of 2016. Third quarter gross margin was 50.8 percent, an increase of 100 basis points over last year’s third quarter
Commenting on the third quarter trading, Andrew Rees, Crocs President and Chief Executive Officer, said in a media statement: “Consistent with the first half of this year, we again met or exceeded our guidance metrics. Looking ahead, we are confident that further operational improvements and a disciplined approach to expense management will facilitate a return to double digit EBIT margins.”
Third quarter financial review
Income from operations improved by 3.9 million dollars, coming in at 2.7 million dollars compared to last year’s third quarter loss of 1.2 million dollars. Net loss attributable to common stockholders was 2.3 million dollars or 0.03 dollar per diluted share.
The company expects fourth quarter revenues to be between 180 and 190 million dollars and gross margin to be approximately 43 percent, or 100 basis points above last year’s 42 percent gross margin.
Crocs continues to expect 2017 revenues to be down low single digits compared to 2016 and gross margin to be approximately 50 percent.