Crocs, Inc. (NASDAQ:CROX) share prices rose 32.73% on Tuesday following a stronger than expected earnings report from the company. Shares retreated 0.10% to $10.26 in after-hours trading.
Crocs, Inc. (NASDAQ:CROX) posted profits of $0.07 per share versus analysts’ estimates at $0.06, much stronger than the loss reported in the same period last year. Revenues rose 6.4% to $279.1 million, topping estimates at $266.50 million. Compared with other retailers who experienced a tough quarter, Crocs saw comparable store sales rise 3.1% and direct-to-consumer sales up by 9.9%. The company reported sales of $279.1 million, beating the estimate of $265.9 million.
As for management guidance, forecasts for the current quarter were subdued. The company sees revenue of $340 million to $350 million, flat compared with a year ago, partly due to exchange rate fluctuations. Analysts were estimating sales of $358 million.
More than 10 million shares traded hands on Tuesday, higher than the stock’s average daily volume of 865,037 shares. With the latest gains, the company has reached a market cap of $749.08 million. Shares have traded between a low of $7.63 and a high of $16.05 in the past 52 weeks, indicating a bounce off the bottom and upside momentum towards the middle of the range.
Still, Crocs, Inc. (NASDAQ:CROX) CEO Gregg Ribatt noted that he was pleased with the company’s performance at the start of the year. He credited this mostly to the positive response to their spring and summer line, as well as operational improvements. According to Ribatt, this means that the brand has been successfully able to position itself in the market over the past few months.
Crocs, Inc. (NASDAQ:CROX) is known for its casual footwear line, with the company engaged in the design, development, manufacturing, and global marketing of its products. Its footwear and accessories utilize its closed-cell resin called Croslite, selling its products in over 60 countries through domestic and international retailers and distributors.
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