Crocs Reports Q4 Net Loss, Beats Street On Revenues

As Crocs Inc. presses on with its turnaround efforts, the Niwot, Colo.-based brand pulled off a mixed fourth quarter as currency woes and an overall lackluster retail environment continued to weigh on companies.

In Q4, ended Dec. 31, 2015, the company reported a net loss of $73.9 million, or $1.01 per diluted share, a greater loss than the prior year’s net loss of $56.9 million, or 70 cents per diluted share. Analysts polled by Yahoo Finance had predicted a loss of 33 cents per diluted share.

Fourth quarter revenues totaled $208.7 million, a 1.1 percent rise from the year-ago quarter’s revenues of $206.4 million. Analysts had forecast revenues of $201.59 million.

“We continue to make meaningful progress positioning our business for long-term sustainable success despite some near-term challenges. Revenue on a constant currency basis, excluding store closures and discontinued product lines, grew at 12.2 percent in the quarter compared with a year ago,” Crocs CEO Gregg Ribatt said in a release. “Our overall results reflect the impact of higher clearance sales as we made the decision in the quarter to increase our promotional cadence, given the overall retail environment.  While we still face foreign exchange headwinds from the stronger U.S. Dollar and macroeconomic challenges, we are making progress in our transformation efforts.  I believe we are reaching an inflection point and we will see the benefits of our actions increasingly as 2016 progresses.”

For the full-year, Crocs posted a net loss of $98 million, or $1.30 per diluted share compared with a net loss of $19 million, or 22 cents per diluted share in the prior year. Full-year revenue declined 9 percent, to $1.1 billion.

Looking ahead, the company expects first quarter 2016 revenue in the $260 million to $270 million range compared to $262.2 million last year.

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