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Crocs Falls 7% Following Q2 Report

Crocs, Inc. CROX disappointed investors by reporting less than expected revenue for the second quarter. Its outlook for the third quarter also failed to meet the estimations.

The company reported net income of $11.7 million or $0.13 per share, up from $9.7 million or $0.11 per share in the same quarter last year. Excluding items, its net income would have been $12.0 million compared $27.3 million in the three months ended June 30, 2015. Street analysts predicted an EPS of $0.16.

Crox's revenue dipped 6.3 percent to $323.8 million from the previous year period. On a constant currency basis, the drop would have been 6.2 percent. In any case, it was lower than the analysts' predictions of $347.75 million.

CEO Gregg Ribatt commented, "The global retail environment became more challenging as the second quarter progressed. This impacted our wholesale reorder opportunities and contributed to our sales shortfall relative to expectations. These headwinds were partially offset by a 2.9% increase in global direct-to-consumer comparable store sales, which is a positive indication that consumers are responding favorably to our new product line and enhanced marketing efforts."

Going forward, the company expects revenue of $245-$255 million for the third quarter, which is below the analysts' estimation of 289.52 million. For the full year, the company sees revenue to be down in the low single-digit.

At time of writing, the stock traded down by 6.8 percent at $10.25 following a 3.85 percent loss on Tuesday.

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