Crocs ups fourth-quarter and full-year 2018 guidance following strong holiday
today Jan 15, 2019
Niwot, Colorado-based footwear brand Crocs, Inc. announced on Monday that it has updated its revenue outlook for the fourth quarter of 2018 to between $211 and $214 million and has also increased its guidance for the full fiscal year.
The company’s revised Q4 revenue guidance is a significant step up from its previously reported prevision of $195 to $205 million.
For the full 2018 fiscal year, Crocs now expects revenues to increase around 6% from the $1,023.5 million reported in 2017. This is compared to a previous prevision of growth of between 4% and 5%.
Income from operations is now anticipated to total over $60 million, up from a previous guidance of just under $60 million.
In a release, Crocs President and CEO Andrew Reese described Q4 2018 as one of the company’s “best fourth quarters in years,” going on to explain, “these results clearly demonstrate that consumer demand for clogs and sandals is year-round. Classic and lined clogs were particular standouts, and exceptional results in North America contributed to our outperformance.”
“We are thrilled to finish the year on such a high note and are looking forward to another successful year in 2019,” he concluded.
The company also provided a preview of 2019, airing predictions that revenues will increase in the mid-single digit range as e-commerce offsets an expected $25 million decline in sales due to store closures.
Crocs’ optimistic announcement sent shares in the company up 3.8% in premarket trading on Monday.
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