Crocs Inc. (Nasdaq:CROX) today reported financial results for the
fourth quarter and full year ended December 31, 2014.
Full Year and Fourth Quarter Financial
Highlights:
- GAAP revenue increased 0.5% year over year to $1.2 billion. On
a constant currency basis, revenue increased 1.8% as compared to
the prior year. For the fourth quarter, revenue was $206.5 million
a decline of 9.7% as compared to the fourth quarter of 2013. On a
constant currency basis, fourth quarter revenue declined 5%.
- Net loss attributable to common stockholders on a GAAP basis
was $0.22 per diluted share for the year and $0.70 per diluted
share for the fourth quarter. Excluding certain non-recurring and
special charges, the company reported non-GAAP adjusted net income
attributable to common stockholders of $50.0 million for the year
and a non-GAAP adjusted net loss of $30.0 million for the fourth
quarter.
Gregg Ribatt, Chief Executive Officer, said: "We delivered
fourth quarter sales in line with expectations. Our business was
essentially flat to last year, on a constant currency basis across
all regions including the Americas, Europe, Japan and Asia with the
exception of Latin America and China. We believe the strategy the
company outlined last July will position Crocs for sustained
success in the future. We are making meaningful progress on
implementing the strategy including: strengthening our brand;
elevating our product stories while eliminating non-core
categories; evolving our international business to focus on our six
core markets while building best in class partnerships in the rest
of the world; strengthening our relationships with key wholesale
partners; improving our direct to consumer capabilities;
simplifying our business model; and, building a best in class team.
More specifically, in the second half of 2014 the company
eliminated non-core product categories, closed more than 100
stores, reduced headcount, and simplified our international
operations. We are confident these moves will enable us to
streamline our business model, focus on our biggest and most
meaningful opportunities, and position the company for growth in
the future."
Financial Review
Fourth quarter operating results
In the fourth quarter of 2014, the company incurred a GAAP net
loss attributable to common stockholders of $56.9 million or $0.70
per diluted share, compared with a net loss of $66.9 million or
$0.76 per diluted share in the same quarter of the prior year.
As outlined in detail in the non-GAAP reconciliations set forth
later in this press release, the company recorded $26.8 million in
non-recurring and special charges (of which $15.3 million were
non-cash charges) in the fourth quarter of 2014; compared with
$49.2 million in non-recurring and special charges (of which $46.5
million were non-cash charges) in the fourth quarter of 2013.
Excluding these items, the company reported a non-GAAP adjusted
net loss attributable to common stockholders of $30.0 million in
the quarter or compared with a non-GAAP adjusted net loss of $17.7
million in the fourth quarter of 2013.
Full year 2014 operating results
The company generated net loss attributable to common
stockholders of $19.0 million or $0.22 per diluted share for the
full year ended 2014, compared with net income of $10.4 million or
$0.12 per diluted share in 2013.
As outlined in detail in the non-GAAP reconciliations set forth
later in this press release, the company recorded $69 million in
non-recurring and special charges (of which $27.7 million were
non-cash charges) for the year ended 2014; compared with $62.4
million in non-recurring and special charges (of which $49.3
million were non-cash charges) for the full year 2013.
Excluding these items, the company generated non-GAAP adjusted
net income attributable to common stockholders of $50.0 million for
the year ended 2014 compared with non-GAAP adjusted net income of
$72.8 million during 2013.
Balance Sheet
Cash and cash equivalents at December 31, 2014, amounted to
$267.5 million. Inventory was $171.0 million at the end of 2014
compared with $162.3 million on December 31, 2013.
Financial Outlook
Mr. Ribatt continued, "As we look forward, 2015 will be a
transition period for the company. Our business continues to
stabilize across all of our regions while we address the continuing
challenges of the stronger US dollar and our China business. We
expect Q1 revenues to be down on a constant currency basis by 10%
to 12%, to a range of $260 to $265 million, driven primarily by
declines in our China business. We expect the declines to moderate
substantially in Q2 and growth to return in the second half of 2015
as many of the strategic changes we implemented in late 2014
positively impact the business."
Stock Repurchase
The company repurchased 10.6 million shares of common stock in
2014 of which 4.5 million shares were repurchased in the fourth
quarter of 2014 at an average price of $12.38. The company ended
the year at 78.5 million common shares outstanding and fourth
quarter weighted average shares outstanding was 80.9 million.
Conference Call Information
A teleconference call to discuss fourth quarter and full year
2014 results is scheduled for today, Thursday, February 26, 2015,
at 5:00 p.m. EST. The call participation number is (888) 771-4371.
A recording of the conference call will be available two hours
after the completion of the call at (888) 843-7419. International
participants can dial (847) 585-4405 to take part in the conference
call and can access a replay of the call at (630) 652-3042. All of
the above calls will require the input of the conference
identification number 39040660. The call also will
be streamed on the Crocs website, www.crocs.com. An audio recording
of the conference call will be available at www.crocs.com through
March 28, 2015
About Crocs, Inc.
Crocs, Inc. (Nasdaq:CROX) is a world leader in innovative casual
footwear for men, women and children. Crocs offers a broad
portfolio of all-season products, while remaining true to its core
molded footwear heritage. All Crocs™ shoes feature Croslite™
material, a proprietary, revolutionary technology that gives each
pair of shoes the soft, comfortable, lightweight, non-marking and
odor-resistant qualities that Crocs fans know and love. Crocs
celebrates the fun of being a little different and encourages fans
to "Find Your Fun" in every colorful pair of shoes. Since its
inception in 2002, Crocs has sold more than 300 million pairs of
shoes in more than 90 countries around the world.
Visit www.crocs.com for additional information.
The matters regarding the future discussed in this news release
include "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995. These statements
include, but are not limited to, statements regarding prospects,
investments in our business and outlook. These statements involve
known and unknown risks, expectations, uncertainties and other
factors which may cause our actual results, performance or
achievements to be materially different from any future results,
performances, or achievements expressed or implied by the
forward-looking statements. These risks and uncertainties include,
but are not limited to, the following: macroeconomic issues,
including, but not limited to, the current global financial
conditions; the effect of competition in our industry; our ability
to effectively manage our future growth or declines in revenue;
changing fashion trends; our ability to maintain and expand
revenues and gross margin; our ability to accurately forecast
consumer demand for our products; our ability to develop and sell
new products; our ability to obtain and protect intellectual
property rights; the effect of potential adverse currency exchange
rate fluctuations and other international operating risks; our
ability to open and operate additional retail locations; and other
factors described in our most recent annual report on Form 10-K
under the heading "Risk Factors" and our subsequent filings with
the Securities and Exchange Commission. Readers are encouraged to
review that section and all other disclosures appearing in our
filings with the Securities and Exchange Commission.
All information in this document speaks as of February 26, 2015.
We do not undertake any obligation to update publicly any
forward-looking statements, including, without limitation, any
estimate regarding revenues or earnings, whether as a result of the
receipt of new information, future events, or otherwise.
|
CROCS, INC. AND
SUBSIDIARIES |
CONSOLIDATED STATEMENTS
OF INCOME (UNAUDITED) |
|
|
|
|
|
|
Three Months
Ended |
Year
Ended |
|
December
31, |
December
31, |
($ thousands, except per share
data) |
2014 |
2013 |
2014 |
2013 |
Revenues |
$ 206,473 |
$ 228,673 |
$ 1,198,223 |
$ 1,192,680 |
Cost of sales |
128,570 |
125,772 |
603,893 |
569,482 |
Restructuring charges |
1,373 |
-- |
3,985 |
-- |
Gross profit |
76,530 |
102,901 |
590,345 |
623,198 |
Selling, general and
administrative expenses |
131,468 |
135,035 |
565,712 |
549,154 |
Restructuring charges |
6,637 |
-- |
20,532 |
-- |
Asset impairment charges |
2,997 |
10,747 |
8,827 |
10,949 |
Income (loss) from
operations |
(64,572) |
(42,881) |
(4,726) |
63,095 |
Foreign currency transaction
losses, net |
607 |
221 |
4,885 |
4,678 |
Interest income |
(360) |
(756) |
(1,664) |
(2,432) |
Interest expense |
121 |
497 |
806 |
1,016 |
Other income, net |
184 |
(306) |
(204) |
(126) |
Income (loss) before income
taxes |
(65,124) |
(42,537) |
(8,549) |
59,959 |
Income tax (benefit)
expense |
(12,030) |
24,396 |
(3,623) |
49,539 |
Net income (loss) |
$ (53,094) |
$ (66,933) |
$ (4,926) |
$ 10,420 |
Dividends on Series A
convertible preferred stock |
3,068 |
-- |
11,301 |
-- |
|
|
|
|
|
Dividend equivalents on Series
A convertible preferred stock related to redemption value accretion
and beneficial conversion feature |
705 |
-- |
2,735 |
-- |
Net income (loss) attributable
to common stockholders |
$ (56,867) |
$ (66,933) |
$ (18,962) |
$ 10,420 |
Net income (loss) per common
share: |
|
|
|
|
Basic |
$ (0.70) |
$ (0.76) |
$ (0.22) |
$ 0.12 |
Diluted |
$ (0.70) |
$ (0.76) |
$ (0.22) |
$ 0.12 |
|
|
|
|
|
|
|
|
|
|
CROCS, INC. AND
SUBSIDIARIES |
RECONCILIATION OF GAAP
MEASURES TO NON-GAAP MEASURES (UNAUDITED) |
|
|
|
|
|
In addition to financial measures
presented on the basis of accounting principles generally accepted
in the United States of America ("U.S. GAAP"), we present current
period 'adjusted results', which are non-GAAP financial measures.
Adjusted results of operations exclude the impact of items that
management believes affect the comparability or underlying business
trends in our condensed consolidated financial statements in the
periods presented. Management uses adjusted results to
assist in comparing business trends from period to period on a
consistent basis without regard to the impact of non-GAAP
adjustments in communications with the board of directors,
stockholders, analysts and investors concerning our financial
performance. We believe that these non-GAAP measures are used by,
and are useful to, investors and other users of our financial
statements in evaluating operating performance by providing better
comparability between reporting periods because they provide an
additional tool to evaluate our performance without regard to
non-GAAP adjustments that may not be indicative of overall business
trends. They also provide a better baseline for analyzing trends in
our operations. We do not suggest that investors should consider
these non-GAAP measures in isolation from, or as a substitute for,
financial information prepared in accordance with U.S. GAAP. |
|
|
|
|
|
|
Three Months
Ended |
Year
Ended |
|
December 31,
2014 |
December 31,
2013 |
December 31,
2014 |
December 31,
2013 |
Cost of sales and restructuring
charges reconciliation: |
|
|
|
|
GAAP cost of sales and
restructuring charges |
$ 129,943 |
$ 125,772 |
$ 607,878 |
$ 569,482 |
Inventory write-down (1) |
(6,168) |
(3,419) |
(7,064) |
(3,419) |
Reorganization charges (2) |
(3,891) |
-- |
(3,806) |
-- |
Restructuring charges (2) |
(1,373) |
-- |
(3,985) |
-- |
Non-GAAP cost of sales and
restructuring charges |
$ 118,511 |
$ 122,353 |
$ 593,023 |
$ 566,063 |
|
|
|
|
|
Gross margin
reconciliation: |
|
|
|
|
GAAP gross margin |
37.1% |
45.0% |
49.3% |
52.3% |
Inventory write-down (1) |
3.0 |
1.5 |
0.6 |
0.2 |
Reorganization charges (2) |
1.9 |
-- |
0.3 |
-- |
Restructuring charges (2) |
0.7 |
-- |
0.3 |
-- |
Non-GAAP gross margin |
42.6% |
46.5% |
50.5% |
52.5% |
|
|
|
|
|
Selling, general and administrative
expenses ("SG&A"), restructuring charges and asset impairment
charges reconciliation: |
|
|
|
|
GAAP SG&A, restructuring
charges and asset impairment charges |
$ 141,102 |
$ 145,782 |
$ 595,071 |
$ 560,103 |
Restructuring charges (2) |
(6,637) |
-- |
(20,532) |
-- |
New ERP implementation (3) |
(2,160) |
(2,060) |
(13,268) |
(8,893) |
Retail asset impairment charges
(4) |
(2,997) |
(10,408) |
(8,827) |
(16,704) |
Goodwill impairment charges
(5) |
-- |
(339) |
-- |
(339) |
Reorganization charges (2) |
(3,175) |
(466) |
(8,872) |
(466) |
Legal settlement (6) |
(446) |
(5,714) |
(2,646) |
(5,714) |
Non-GAAP SG&A,
restructuring charges and asset impairment charges |
$ 125,687 |
$ 126,795 |
$ 540,926 |
$ 527,987 |
|
|
|
|
|
Net income attributable to common
stockholders reconciliation: |
|
|
|
|
GAAP net income attributable to
common stockholders reconciliation: |
$ (56,867) |
$ (66,933) |
$ (18,962) |
$ 10,420 |
Restructuring charges (2) |
8,010 |
-- |
24,517 |
-- |
New ERP implementation (3) |
2,160 |
2,060 |
13,268 |
8,893 |
Retail asset impairment charges
(4) |
2,997 |
10,408 |
8,827 |
16,704 |
Goodwill impairment charges
(5) |
-- |
339 |
-- |
339 |
Reorganization charges (2) |
7,066 |
466 |
12,678 |
466 |
Inventory write-down (1) |
6,168 |
3,419 |
7,064 |
3,419 |
Legal settlement (6) |
446 |
5,714 |
2,646 |
5,714 |
Income tax expense (7) |
-- |
26,831 |
-- |
26,831 |
Non-GAAP net income (loss)
attributable to common stockholders |
$ (30,020) |
$ (17,696) |
$ 50,038 |
$ 72,786 |
|
|
|
|
|
(1) This relates to a write-off
of obsolete inventory. |
(2) This relates to severance
expenses, bonuses, store closure costs, consulting fees and other
expenses related to recent restructuring and reorganization
activities and our investment agreement with Blackstone.
Reorganization activities also includes the net expenses related to
the resolution of a statutory tax audit in Brazil. |
(3) This represents operating
expenses related to the implementation of our new ERP system and
the add-back of accelerated depreciation and amortization on
tangible and intangible items related to our current ERP system and
supporting platforms that will no longer be utilized once the
implementation of a new ERP is complete. |
(4) This represents retail asset
impairment charges for certain underperforming locations in our
Americas, Asia Pacific and Europe segments. |
(5) This is related to a portion
of our Crocs Benelux B.V. business purchased by our Crocs Stores
B.V. subsidiary in July 2012. |
(6) This represents legal
settlement expenses. |
(7) This represents the add-back
of certain income tax expenses (benefits). The three month and
year-ended December 31, 2013 includes a non-recurring tax expense
related to our cash repatriation strategy as well as a valuation
allowance adjustment. |
|
|
|
|
|
|
CROCS, INC. AND
SUBSIDIARIES |
CONSOLIDATED BALANCE
SHEETS |
|
|
|
|
As of December
31, |
($ thousands, except
number of shares) |
2014 |
2013 |
ASSETS |
|
|
Current assets: |
|
|
Cash and cash equivalents |
$ 267,512 |
$ 317,144 |
Accounts receivable, net of
allowances of $32,392 and $10,513, respectively |
101,217 |
104,405 |
Inventories |
171,012 |
162,341 |
Deferred tax assets, net |
4,190 |
4,440 |
Income tax receivable |
9,332 |
10,630 |
Other receivables |
11,989 |
11,942 |
Prepaid expenses and other
current assets |
30,156 |
29,175 |
Total current assets |
595,408 |
640,077 |
Property and equipment,
net |
68,288 |
86,971 |
Intangible assets, net |
97,337 |
72,315 |
Goodwill |
2,044 |
2,507 |
Deferred tax assets, net |
17,886 |
19,628 |
Other assets |
25,968 |
53,661 |
Total assets |
$ 806,931 |
$ 875,159 |
|
|
|
LIABILITIES AND STOCKHOLDERS'
EQUITY |
|
|
Current liabilities: |
|
|
Accounts payable |
$ 42,923 |
$ 57,450 |
Accrued expenses and other
current liabilities |
80,216 |
97,111 |
Deferred tax liabilities,
net |
11,869 |
11,199 |
Accrued restructuring |
4,511 |
-- |
Income taxes payable |
9,078 |
15,992 |
Current portion of long-term
borrowings and capital lease obligations |
5,288 |
5,176 |
Total current liabilities |
153,885 |
186,928 |
Long-term income tax
payable |
8,843 |
36,616 |
Long-term borrowings and
capital lease obligations |
6,381 |
11,670 |
Long-term accrued
restructuring |
348 |
-- |
Other liabilities |
12,277 |
15,201 |
Total liabilities |
181,734 |
250,415 |
|
|
|
Commitments and
contingencies |
|
|
Series A convertible preferred
stock, par value $0.001 per share, 1,000,000 shares authorized,
200,000 shares issued and outstanding, redemption amount and
liquidation preference of $203,067 and $0 at December 31, 2014 and
2013, respectively |
172,679 |
-- |
|
|
|
Stockholders' equity: |
|
|
Preferred stock, par value
$0.001 per share, 4,000,000 shares authorized, none
outstanding |
-- |
-- |
Common stock, par value $0.001
per share, 250,000,000 shares authorized, 92,325,201 and 78,516,566
shares issued and outstanding, respectively, as of December 31,
2014 and 91,662,656 and 88,450,203 shares issued and outstanding,
respectively, as of December 31, 2013 |
92 |
92 |
Treasury stock, at cost,
13,808,635 and 3,212,453 shares as of December 31, 2014 and 2013,
respectively |
(200,424) |
(55,964) |
Additional paid-in capital |
345,732 |
321,532 |
Retained earnings |
325,470 |
344,432 |
Accumulated other comprehensive
income (loss) |
(18,352) |
14,652 |
Total stockholders' equity |
452,518 |
624,744 |
Total liabilities, commitments
and contingencies and stockholders' equity |
$ 806,931 |
$ 875,159 |
|
|
|
|
CROCS, INC. AND
SUBSIDIARIES |
CHANNEL REVENUES
(UNAUDITED) |
|
|
|
|
|
|
|
|
Three Months
Ended December 31, |
Change |
Constant Currency
Change (1) |
($ thousands) |
2014 |
2013 |
$ |
% |
$ |
% |
Channel revenues: |
|
|
|
|
|
|
Wholesale: |
|
|
|
|
|
|
Americas |
$ 39,628 |
$ 43,277 |
$ (3,649) |
(8.4)% |
$ (2,445) |
(5.6)% |
Asia Pacific |
18,816 |
32,556 |
(13,740) |
(42.2) |
(12,995) |
(39.9) |
Japan |
10,333 |
12,310 |
(1,977) |
(16.1) |
(559) |
(4.5) |
Europe |
21,514 |
23,526 |
(2,012) |
(8.6) |
576 |
2.4 |
|
|
|
|
|
|
|
Other businesses |
187 |
54 |
133 |
246.3 |
141 |
261.1 |
|
|
|
|
|
|
|
Total Wholesale |
90,478 |
111,723 |
(21,245) |
(19.0) |
(15,282) |
(13.7) |
Consumer-direct: |
|
|
|
|
|
|
Retail: |
|
|
|
|
|
|
Americas |
47,129 |
46,141 |
988 |
2.1 |
1,357 |
2.9 |
Asia Pacific |
24,097 |
26,083 |
(1,986) |
(7.6) |
(1,179) |
(4.5) |
Japan |
5,755 |
5,941 |
(186) |
(3.1) |
607 |
10.2 |
Europe |
10,465 |
11,773 |
(1,308) |
(11.1) |
331 |
2.8 |
Total Retail |
87,446 |
89,938 |
(2,492) |
(2.8) |
1,116 |
1.2 |
Internet: |
|
|
|
|
|
|
Americas |
16,995 |
17,256 |
(261) |
(1.5) |
(142) |
(0.8) |
Asia Pacific |
5,858 |
2,418 |
3,440 |
142.3 |
3,582 |
148.1 |
Japan |
1,609 |
1,797 |
(188) |
(10.5) |
34 |
1.9 |
Europe |
4,087 |
5,541 |
(1,454) |
(26.2) |
(1,002) |
(18.1) |
|
|
|
|
|
|
|
Total Internet |
28,549 |
27,012 |
1,537 |
5.7 |
2,472 |
9.2 |
Total revenues: |
$ 206,473 |
$ 228,673 |
$ (22,200) |
(9.7)% |
$ (11,694) |
(5.1)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended December 31, |
Change |
Constant Currency
Change(1) |
($ thousands) |
2014 |
2013 |
$ |
% |
$ |
% |
Regional Revenue: |
|
|
|
|
|
|
Americas |
$ 103,752 |
$ 106,674 |
$ (2,922) |
(2.7)% |
$ (1,230) |
(1.2)% |
Asia Pacific |
48,771 |
61,057 |
(12,286) |
(20.1) |
(10,592) |
(17.3) |
Japan |
17,697 |
20,048 |
(2,351) |
(11.7) |
82 |
0.4 |
Europe |
36,066 |
40,840 |
(4,774) |
(11.7) |
(95) |
(0.2) |
Other businesses |
187 |
54 |
133 |
246.3 |
141 |
261.1 |
Total revenues: |
$ 206,473 |
$ 228,673 |
$ (22,200) |
(9.7)% |
$ (11,694) |
(5.1)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended
December 31, |
Change |
Constant Currency
Change(1) |
($ thousands) |
2014 |
2013 |
$ |
% |
$ |
% |
Channel revenues: |
|
|
|
|
|
|
Wholesale: |
|
|
|
|
|
|
Americas |
$ 228,615 |
$ 239,104 |
$ (10,489) |
(4.4)% |
$ (7,286) |
(3.0)% |
Asia Pacific |
210,924 |
212,761 |
(1,837) |
(0.9) |
(449) |
(0.2) |
Japan |
79,686 |
90,426 |
(10,740) |
(11.9) |
(5,176) |
(5.7) |
Europe |
147,561 |
131,215 |
16,346 |
12.5 |
16,189 |
12.3 |
|
|
|
|
|
|
|
Other businesses |
794 |
254 |
540 |
212.6 |
533 |
209.8 |
|
|
|
|
|
|
|
Total Wholesale |
667,580 |
673,760 |
(6,180) |
(0.9) |
3,811 |
0.6 |
Consumer-direct: |
|
|
|
|
|
|
Retail: |
|
|
|
|
|
|
Americas |
206,053 |
202,925 |
3,128 |
1.5 |
4,552 |
2.2 |
Asia Pacific |
123,597 |
120,020 |
3,577 |
3.0 |
2,768 |
2.3 |
Japan |
35,867 |
36,566 |
(699) |
(1.9) |
1,745 |
4.8 |
Europe |
60,309 |
58,507 |
1,802 |
3.1 |
3,240 |
5.5 |
Total Retail |
425,826 |
418,018 |
7,808 |
1.9 |
12,305 |
2.9 |
Internet: |
|
|
|
|
|
|
Americas |
55,247 |
56,523 |
(1,276) |
(2.3) |
(960) |
(1.7) |
Asia Pacific |
15,928 |
9,971 |
5,957 |
59.7 |
6,208 |
62.3 |
Japan |
7,908 |
7,871 |
37 |
0.5 |
659 |
8.4 |
Europe |
25,734 |
26,537 |
(803) |
(3.0) |
(868) |
(3.3) |
|
|
|
|
|
|
|
Total Internet |
104,817 |
100,902 |
3,915 |
3.9 |
5,039 |
5.0 |
Total revenues: |
$ 1,198,223 |
$ 1,192,680 |
$ 5,543 |
0.5% |
$ 21,155 |
1.8% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended
December 31, |
Change |
Constant Currency
Change(1) |
($ thousands) |
2014 |
2013 |
$ |
% |
$ |
% |
Regional Revenue: |
|
|
|
|
|
|
Americas |
$ 489,915 |
$ 498,552 |
$ (8,637) |
(1.7)% |
$ (3,694) |
(0.7)% |
Asia Pacific |
350,449 |
342,752 |
7,697 |
2.2 |
8,527 |
2.5 |
Japan |
123,461 |
134,863 |
(11,402) |
(8.5) |
(2,772) |
(2.1) |
Europe |
233,604 |
216,259 |
17,345 |
8.0 |
18,561 |
8.6 |
Other businesses |
794 |
254 |
540 |
212.6 |
533 |
209.8 |
Total revenues: |
$ 1,198,223 |
$ 1,192,680 |
$ 5,543 |
0.5% |
$ 21,155 |
1.8% |
|
|
|
|
|
|
|
(1) Reflects quarter-over-quarter
and year-over-year change as if the current period results were in
"constant currency," which is a non-GAAP financial measure.
Constant currency is a measure utilized by management in which
current period results have been restated using 2014 average
foreign exchange rates for the comparative period to enhance the
visibility of the underlying business trends by excluding the
impact of foreign currency exchange rate fluctuations. We do not
suggest that investors should consider this non-GAAP measure in
isolation from, or as a substitute for, financial information
prepared in accordance with U.S. GAAP. |
|
CROCS, INC. AND
SUBSIDIARIES |
RETAIL STORE COUNTS
(UNAUDITED) |
|
|
|
|
|
|
September 30, |
|
|
December 31, |
Company-operated retail
locations: |
2014 |
Opened |
Closed |
2014 |
Type: |
|
|
|
|
Kiosk/Store in Store |
100 |
3 |
(3) |
100 |
Retail Stores |
329 |
1 |
(19) |
311 |
Outlet Stores |
176 |
1 |
(3) |
174 |
Total |
605 |
5 |
(25) |
585 |
Operating segment: |
|
|
|
|
Americas |
211 |
-- |
(1) |
210 |
Asia Pacific |
222 |
4 |
(22) |
204 |
Japan |
53 |
1 |
-- |
54 |
Europe |
119 |
-- |
(2) |
117 |
Total |
605 |
5 |
(25) |
585 |
|
|
|
|
|
|
December 31, |
|
|
December 31, |
Company-operated retail
locations: |
2013 |
Opened |
Closed |
2014 |
Type: |
|
|
|
|
Kiosk/Store in Store |
122 |
8 |
(30) |
100 |
Retail Stores |
327 |
40 |
(56) |
311 |
Outlet Stores |
170 |
22 |
(18) |
174 |
Total |
619 |
70 |
(104) |
585 |
Operating segment: |
|
|
|
|
Americas |
216 |
16 |
(22) |
210 |
Asia Pacific |
236 |
38 |
(70) |
204 |
Japan |
49 |
6 |
(1) |
54 |
Europe |
118 |
10 |
(11) |
117 |
Total |
619 |
70 |
(104) |
585 |
|
|
|
|
|
CROCS, INC. AND
SUBSIDIARIES |
COMPARABLE STORE SALES
(UNAUDITED) |
|
|
|
|
Constant Currency |
Constant Currency |
|
Three Months Ended |
Three Months Ended |
Comparable store sales
(1) |
December 31, 2014
(2) |
December 31, 2013
(2) |
Americas |
(3.3)% |
(7.9)% |
Asia Pacific |
(3.4) |
5.4 |
Japan |
0.8 |
(9.7) |
Europe |
1.1 |
0.7 |
Global |
(2.4)% |
(4.0)% |
|
|
|
|
Constant Currency |
Constant Currency |
|
Year Ended |
Year Ended |
Comparable store sales
(1) |
December 31, 2014
(2) |
December 31, 2013
(2) |
Americas |
(4.4)% |
(5.8)% |
Asia Pacific |
(4.6) |
6.9 |
Japan |
(4.8) |
(15.0) |
Europe |
0.7 |
2.4 |
Global |
(3.7)% |
(2.7)% |
|
|
|
(1) Comparable store status is
determined on a monthly basis. Comparable store sales begin in the
thirteenth month of a store's operation. Stores in which selling
square footage has changed more than 15% as a result of a remodel,
expansion or reduction are excluded until the thirteenth month in
which they have comparable prior year sales. Temporarily closed
stores are excluded from the comparable store sales calculation
during the month of closure. Location closures in excess of three
months are excluded until the thirteenth month post re-opening.
Comparable store sales exclude the impact of our internet channel
revenues and are calculated on a currency neutral basis using
historical annual average currency rates. |
|
|
|
(2) Reflects quarter-over-quarter
and year-over-year change as if the current period results were in
"constant currency," which is a non-GAAP financial measure.
Constant currency is a measure utilized by management in which
current period results have been restated using 2014 and 2013
average foreign exchange rates, respectively, for the comparative
period to enhance the visibility of the underlying business trends
by excluding the impact of foreign currency exchange rate
fluctuations. We do not suggest that investors should consider this
non-GAAP measure in isolation from, or as a substitute for,
financial information prepared in accordance with U.S. GAAP. |
|
|
|
CONTACT: Investor Contact:
Brendon Frey, ICR
(203) 682-8200
Brendon.Frey@icrinc.com
Media Contact:
Katy Michael/Crocs Inc.
(303) 848-7000
kmichael@crocs.com
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