US: Crocs records "balanced" Q4 performance
- Q4 net loss widens to US$66.9m
- Net sales edge up 1.6%
- 2014 will be "a significant transition period"
Chairman Thomas Smach said 2014 will be “a significant transition period” for Crocs
Plastic shoe maker Crocs said it delivered a "balanced" performance in the fourth quarter, despite its net losses widening.
The company reported a GAAP net loss of US$66.9m in the three months to the end of December, compared to a loss of $3.6m a year earlier.
Crocs recorded charges of $49.2m in the quarter. Excluding these, net losses amounted to $17.7m versus earnings of $4.4m in the year ago period.
CEO John McCarvel said: "We delivered balanced performance in the fourth quarter despite the challenging retail environment in North America."
Sales edged up 1.6% to $228.7m from $225m a year earlier.
Chairman Thomas Smach said 2014 will be "a significant transition period" for the company, during which it will recruit a new CEO to replace the retiring McCarvel.
"We will focus on improving financial performance, particularly in the Americas and Japan, as well as enhancing our global retail execution. As we increasingly focus on profitable growth and retail excellence, we may moderate the pace of our investments in new retail stores as well as consolidate some existing locations."
As a result of the transition, Crocs said it won't be providing earnings guidance in 2014.
For the first quarter, the company expects revenue between $305m and $315m.
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