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Crocs raises Q4 revenue guidance after 'best fourth quarter in years'

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Staff Writer | Monday January 14, 2019 9:51AM ET
Crocs
Crocs   Crocs updated its guidance for the fourth quarter

Crocs updated its guidance for the fourth quarter and full year ended December 31, 2018 in anticipation of its presentation at the 21st Annual ICR Conference.


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Fourth quarter 2018:

The company now anticipates fourth quarter revenues of $211 to $214 million; prior guidance was $195 to $205 million. Revenues were $199.1 million in the fourth quarter of 2017.

The company continues to expect gross margin to increase by 80 to 100 basis points over 45.4% in the fourth quarter of 2017.

The company now expects SG&A to be approximately 54% of revenues compared to 60.6% of revenues in the fourth quarter of 2017.

Full year 2018:

The company now anticipates 2018 revenues to grow approximately 6%. This compares to our prior guidance predicting revenue growth of 4 to 5% over 2017 revenues of $1,023.5 million.

The company continues to expect gross margin to increase approximately 100 basis points over the 50.5% rate in 2017.

The company now expects SG&A to be approximately 46% of revenues compared to 48.8% of revenues in 2017.

The company now expects income from operations to be over $60 million, up from our prior guidance of slightly under $60 million, and $17.3 million in 2017.

2019 preview:

With respect to 2019 revenues, the company continues to expect a mid-single digit increase over 2018 revenues.

The company anticipate that e-commerce and wholesale growth will more than offset lower retail revenues associated with our reduced store count, which we expect to reduce revenues by approximately $25 million. Adding back that $25 million reduction, we would expect 2019 revenues to be up mid to high single digits over our anticipated 2018 revenues.

 

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