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Crocs Misses Wall Street Estimates in Q3

Crocs Inc. took another hit from slowing U.S. sales during its third quarter, missing revenue and net income estimates from Wall Street last week.

Net income was $13 million, or 15 cents a diluted share, a 71.1 percent decrease compared with the year-ago period. (Analysts predicted earnings of 18 cents.)

Revenue for the quarter fell 2.4 percent to $288.5 million, from $295.6 million in the third quarter of 2012.

“During the third quarter, we saw strong performance in our Asia Pacific region and marked improvement in all channels of our European business,” said Crocs President and CEO John McCarvel. “This positive performance was counterbalanced by weakness in the Americas and Japan, where all sales channels performed below our expectations. The underperformance was especially acute in the Americas, where we were impacted by wholesale accounts trimming at-once orders to remain lean on inventory, coupled with weak consumer confidence affecting our consumer-direct performance.”
   
In the U.S., revenue continued to decline this quarter, slipping 12 percent to $116.2 million from $132 million in the same period in 2012. 

The company also approved the repurchase of 15 million shares at the end of October.

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