Crocs' year-end revenue up, income down
Last Updated: 15:18 February 20, 2014
The revenue was a 6 percent increase compared with the $1.12 billion in revenue the company reported in 2012. However, net income declined compared with $131.3 million reported in 2012.
For its fourth quarter that ended Dec. 31, Niwot-based Crocs (Nasdaq: CROX) posted revenue of $228.7 million, a 2 percent increase compared with the $225 million in revenue posted for the same period a year ago. Crocs posted a loss of $66.9 million for the most recent quarter compared with a loss of $3.6 million in the same quarter in 2012.
The most recent quarter's loss was attributed largely to $10.7 million in one-time impairment charges and a $3.4 million charge for obsolete inventory at the company's 619 retail stores around the globe. Excluding the one-time charges, the company reported a loss of 20 cents per share, according to the earnings statement.
Crocs was able to deliver a balanced performance in the fourth quarter, despite "the challenging retail environment in North America," chief executive John McCarvel said in the earnings statement.
"We've made tremendous progress as a company over the past 10 years - from a one-season, one-shoe and one-country brand, to a diversified, four-season global footwear leader that is on solid financial footing," McCarvel said. "We believe our business is well-positioned to succeed going forward."
In December, investment and advisory firm Blackstone invested $200 million in the company. At that time, McCarvel announced he would retire on an unspecified date. Crocs is still searching for a new CEO, according to Thomas J. Smach, the company's chairman of the board.
In the first quarter of 2014, the company expects revenue between $305 million and $315 million, according to the earnings statement. Crocs also plans to start buying back stock in the current quarter.
Crocs' shares were trading at $15.96 in the early afternoon, up 91 cents from the previous day's close. The company's stock has traded in a range of $11.96 and $17.95 in the last year.
Crocs has expanded its line of shoes to include sneakers, sandals, boots and heels. Since it started in 2002, Crocs has sold more than 300 million pairs of shoes in more than 90 countries, according to the earnings statement.
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