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.
Canadean's "Shoe Carnival, Inc. - Company Capsule" contains in depth information and data about the company and its operations. The profile contains a company overview, key facts, major products and s...
TechNavio's analysts forecast the Global Athletic Footwear market to grow at a CAGR of 1.75 percent over the period 2012-2016. One of the key factors contributing to this market growth is the increasi...
- Nike reaffirms US production commitment
- Levi Strauss raises the bar on sustainability
- Gap and H&M back Myanmar path to labour reform
- H&M faces margin pressure on dollar impact
- Can the Gap brand reclaim its iconic status?
- Myanmar minimum wage set at US$3.2 per day
- Far Eastern to invest $323m in Vietnam textile hub
- China cotton stockpile auction may shake up market
- Fast Retailing supplier continues strike talks
- Over 8,000 children in Delhi garment industry
- Global market review of lingerie - forecasts to 2020
- World Textile and Apparel Trade and Production Trends: The EU - May 2015
- Wool in the 21st Century: new prospects for a familiar fibre
- Apparel Retail: Top 5 Emerging Markets Industry Guide
- Myanmar's Garment Sector - Opportunities & Challenges in 2015