- Crocs (NASDAQ:CROX) reports revenue growth of 2.3% on a constant currency basis in Q2.
- E-commerce revenue grew 23.8%, wholesale revenue grew 7.2%, and retail revenue fell 8%.
- Retail comparable store sales increased 7.1%.
- Direct to consumer comparable store sales up 11.8%.
- Gross margin rate improved 110 bps to 55.3%.
- SG&A expense rate leveraged 80 bps to 44%.
- Store count was 398 for the quarter.
- During Q2, the company repurchased ~378K common sharesfor ~$6M, at an average price of $15.55 per share.
- Q3 Guidance: Revenues: $240M to $250M; Gross margin rate: +50 bps Y/Y; SG&A expense: slightly higher Y/Y.
- FY2018 Guidance: Revenues: to increase low single digits; Gross margin rate: ~+70 bps to +100 bps; SG&A expense: slightly higher than prior guidance of $485M; Income from operations: ~$50M; D&A: ~$30M; Income tax expense: ~$17M.
- Carrie Teffner, Executive Vice President and Chief Financial Officer to step down, effective April 1, 2019 and Anne Mehlman will succeed Teffner, effective August 24.
- Ms. Mehlman joins from Zappos.com, where she is CFO.
- CROX +1.77% premarket.
- Previously: Crocs beats by $0.04, beats on revenue (Aug. 7)
- Now read: My Predictions For Nike (NYSE:NKE)'s Upcoming Earnings
Original article