Crocs Q3 beats estimates, flags Europe concerns
Shoe maker Crocs Inc posted a quarterly profit that edged past market estimates helped by higher sales in Asia and warned that weakness in its European markets would continue into the holiday quarter.
The challenging macroeconomic conditions in Europe has curtailed consumer spending in the region.
The company, known for its colorful clogs, expects earnings of 3-5 cents a share in the fourth quarter, while analysts were expecting 5 cents a share, according to Thomson Reuters I/B/E/S.
Net income for the quarter increased to $30.2 million, or 33 cents a share, compared with $25 million, or 28 cents a share , a year ago.
Revenue rose 27.5 percent to $274.9 million .
Analysts on an average expected the company to earn 32 cents a share on revenue of $274.3 million, according to Thomson Reuters I/B/E/S.
The beat comes after the company cut its outlook for the first time in three years on softening sales at its stores, amid a weakening European retail environment.
Rivals Wolverine Worldwide Inc and Skechers USA Inc also posted third-quarter profits that beat estimates.
Shares of the company closed at $17.00 on Thursday on Nasdaq.
 Photo: Crocs |
The challenging macroeconomic conditions in Europe has curtailed consumer spending in the region.
The company, known for its colorful clogs, expects earnings of 3-5 cents a share in the fourth quarter, while analysts were expecting 5 cents a share, according to Thomson Reuters I/B/E/S.
Net income for the quarter increased to $30.2 million, or 33 cents a share, compared with $25 million, or 28 cents a share , a year ago.
Revenue rose 27.5 percent to $274.9 million .
Analysts on an average expected the company to earn 32 cents a share on revenue of $274.3 million, according to Thomson Reuters I/B/E/S.
The beat comes after the company cut its outlook for the first time in three years on softening sales at its stores, amid a weakening European retail environment.
Rivals Wolverine Worldwide Inc and Skechers USA Inc also posted third-quarter profits that beat estimates.
Shares of the company closed at $17.00 on Thursday on Nasdaq.
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