US: Crocs lowers Q3 outlook on weaker revenue
Footwear maker Crocs has lowered its third quarter earnings and sales guidance on lower-than-expected revenue in the Americas region.
The Niwot, Colorado-based company now expects third-quarter diluted earnings per share to be $0.15-0.18, down from its previous guidance of $0.20-0.23. Revenue is forecast to be $285-$295m, dropping from earlier expectations of $300-310m.
"While revenue for the third quarter of 2013 is coming in below our prior forecasted outlook because of lower than expected revenue in the Americas region, we are very satisfied to date with our Asia Pacific and Europe retail sales performance in the quarter," said president and CEO John McCarvel.
The company said it was "pleased" with early indications of strong demand from its wholesale customers for spring/summer 2014 merchandise, with pre-books for these products running 10% ahead of last year.
"We believe our brand is well positioned to take advantage of our customers demand for colourful and fun footwear in 2014," McCarvel added.
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Private equity firm Blackstone Group is making a $200m investment in Crocs Inc that will give it a 13% stake in the shoe company....
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