×
68 807
Fashion Jobs
GAP INC.
Manager, Digital Marketing Operations
Permanent · San Francisco
GAP INC.
Assistant Manager, Customer Operations - Westgate
Permanent · Brockton
NEIMAN MARCUS
Sales Manager, Women's Designer Rtw - Northpark
Permanent · Dallas
NORDSTROM
Finance Manager e2e Sales Consolidations - Hybrid Seattle, Hybrid Los Angeles, or Hybrid Denver
Permanent · Seattle
NORDSTROM
Asset Protection - Agent - Towson Rack
Permanent · Towson
NORDSTROM
Asset Protection - Agent - Golde Creek Plaza Rack
Permanent · Lynnwood
KOHLS
Full-Time Sales Supervisor - Softlines
Permanent · Media
KOHLS
Operations Manager - Blue Springs
Permanent · Blue Springs
OLD NAVY
Assistant Manager, Customer Operations - Chautauqua
Permanent · Lakewood
ULTA BEAUTY, INC.
CO - Sales Manager
Permanent · Kissimmee
ULTA BEAUTY, INC.
General Manager
Permanent · Hanover
AESOP
Part-Time Retail Consultant | Cherry Creek
Permanent · Denver
HOLLISTER CO. STORES
Abercrombie & Fitch - Manager in Training, Valley Fair
Permanent · Santa Clara
ABERCROMBIE AND FITCH STORES
Abercrombie & Fitch - Manager in Training, Rehoboth Beach Outlet
Permanent · Rehoboth Beach
ABERCROMBIE AND FITCH STORES
Abercrombie & Fitch - Manager in Training, Gilroy Outlet
Permanent · Gilroy
ABERCROMBIE KIDS STORES
Abercrombie Kids - Manager in Training, San Marcos Outlet
Permanent · San Marcos
ABERCROMBIE KIDS STORES
Abercrombie Kids - Manager in Training, Dolphin Mall
Permanent · Miami
ABERCROMBIE KIDS STORES
Abercrombie Kids - Manager in Training, Somerset North
Permanent · Troy
ABERCROMBIE KIDS STORES
Abercrombie Kids - Manager in Training, Memorial City
Permanent · Houston
LULULEMON
Assistant Manager, Operations | Polaris Fashion Place
Permanent · Columbus
ROSS STORES
Store Protection Specialist
Permanent · Charlotte
ROSS STORES
Store Protection Specialist
Permanent · Riverside
Published
Apr 24, 2020
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Crocs shares plummet 16% on disappointing first quarter

Published
Apr 24, 2020

Shares in Crocs, Inc. fell 16% on Thursday after the Niwot, Colorado-based footwear maker reported declines in first-quarter sales and earnings due to the impact of the ongoing Covid-19 pandemic.


Crocs' retail sales were heavily impacted by Covid-19-related store closures - Instagram: @crocs

 
For the first quarter ended March 31, the company’s revenues totaled $281.2 million, down 5.0% from the prior-year period, or 3.3% in constant currencies.
 
Revenues in Crocs’ wholesale segment declined 5.6%, while total retail revenues fell 15.0% as a result of the temporary store closures implemented in reaction to the coronavirus crisis. These decreases were partially offset by a growth of 15.8% in the company’s e-commerce revenues.

Crocs’ quarterly net income was $11.1 million, or $0.16 per diluted share, falling from $24.7 million, or $0.33 per diluted share, in the same period in the previous year. Adjusted EPS was $0.22, down from $0.36.
 
Analysts had expected the company to achieve adjusted EPS of $0.31 on revenues of $296 million.
 
“Amidst unprecedented market conditions globally, our total revenue held up well with exceptional performance in our Americas and e-commerce businesses that was overshadowed by Covid-19 related store closures,” said Crocs president and CEO Andrew Rees in a release.
 
“Despite this recent softness, Crocs remains a strong, vibrant brand that is very well positioned,” he added. “In the near-term, we have no liquidity concerns and have taken quick action to ensure we will be strongly cash flow positive for the remainder of the year.”
 
Over the last few weeks, the footwear maker has implemented a number of measures to protect its business during the Covid-19 pandemic, including furloughing store employees, reducing executive pay, and cutting operating expenses and capital expenditures, as well as suspending its share repurchase program.
 
The company has also increased its revolving credit facility from $450 million to $500 million.
 
Crocs’ global distribution centers remain operational to provide healthcare workers with essential products, but have implemented a range of measures to protect employees, including temperature checks, strict social distancing and the provision of hand sanitizer.
 
In light of the continued uncertainty relating to Covid-19, Crocs has not provided outlook for either the second quarter or the full fiscal year 2020.
 
Nonetheless, despite signs of recovery in China and Korea, where Crocs stores are now reopening, the company did highlight that it expects to see larger sales declines in the second quarter, as the majority of its owned and partner stores could be closed for the whole period.

Copyright © 2022 FashionNetwork.com All rights reserved.