Americas Revenues Increased 14.4% and E-Commerce Revenues Rose 15.8% from First Quarter 2019
NIWOT, Colo.--(BUSINESS WIRE)-- Crocs, Inc. (NASDAQ: CROX), a world leader in innovative casual footwear for men, women, and children, today announced its first quarter 2020 financial results.
Andrew Rees, President and Chief Executive Officer, said, “Amidst unprecedented market conditions globally, our total revenue held up well with exceptional performance in our Americas and e-commerce businesses that was overshadowed by COVID-19 related store closures. Despite this recent softness, Crocs remains a strong, vibrant brand that is very well positioned. In the near-term, we have no liquidity concerns and have taken quick action to ensure we will be strongly cash flow positive for the remainder of the year. Over the long-term, we are confident we will restore our momentum in 2021 and continue our positive growth trajectory for years to come.
“Our immediate focus remains on the well-being of our customers, employees, and communities. We are particularly proud of the support we are providing to our healthcare community with our “A Free Pair for Healthcare” and “One for You, One for a Hero” donation programs that to date have contributed over 450,000 pairs of shoes globally. This community has our deepest respect, and we are humbled to be able to help keep its workers and their families safe during this unprecedented time,” Rees continued.
COVID-19 Update
As described during its fourth quarter earnings conference call and subsequent updates, COVID-19 has impacted the Crocs business globally, including through store closures or reduced operating hours and decreased retail traffic. Many of the 367 company-operated stores as well as many partner stores and wholesale customers’ stores were closed at some point during the first quarter and many remain closed today. In all geographies where stores are closed, stores will remain closed until it is safe, and in line with local regulations, to reopen. At this time, the Company estimates that stores will begin to open in stages over the coming months.
We expect revenue declines to continue in our retail and wholesale channels as “social distancing” practices remain in effect. Further, we expect a larger decline in revenues in the second quarter of 2020, as the majority of our retail and partner stores may be closed for the whole period. We are beginning to see some recovery in store traffic and sales in China and Korea where almost all stores are now open. However, we are also seeing declines in Japan, India, and much of Southeast Asia, areas that have been impacted by a second wave of the virus. While many brick-and-mortar stores have been closed, Crocs.com and other digital commerce have remained open. We have seen strong trends in our e-commerce channel that we expect to continue, as consumers migrate to online shopping.
The Company has focused on positioning its business for both short- and long-term success. Its leadership quickly established both a defensive and offensive playbook that it began to implement in early March.
With regards to the defensive measures, Crocs is taking precautionary measures to address the impact of COVID-19 and the recessionary environment that may follow. To efficiently manage the business, enhance liquidity, and maintain maximum flexibility, we have taken or are taking the following actions:
The Company will provide more detail on the financial and operational impacts of COVID-19 during its first quarter earnings conference call today.
First Quarter 2020 Operating Results:
Balance Sheet and Cash Flow Highlights:
Financial Outlook:
Given the continued disruption and uncertainty globally related to COVID-19, Crocs previously withdrew the guidance it provided on February 27, 2020. Crocs is also not providing full second quarter or full year guidance at this time beyond what is outlined above.
Conference Call Information:
A conference call to discuss first quarter 2020 results is scheduled for today, Thursday, April 23, 2020 at 8:30 am ET. The call participation number is (833) 502-0472. A replay of the conference call will be available approximately two hours after the completion of the call at (800) 585-8367. International participants can dial (236) 714-2180 to take part in the conference call, and can access a replay of the call at (416) 621-4642. All of these calls will require the input of the conference identification number 8809189. The call will also be streamed live on the Crocs website, www.crocs.com. This audio webcast will remain available at www.crocs.com through April 23, 2021.
About Crocs, Inc.:
Crocs, Inc. (Nasdaq: CROX) is a world leader in innovative casual footwear for women, men, and children, combining comfort and style with a value that consumers know and love. The vast majority of shoes within Crocs’ collection contains Croslite™ material, a proprietary, molded footwear technology, delivering extraordinary comfort with each step.
In 2020, Crocs declares that expressing yourself and being comfortable are not mutually exclusive. To learn more about Crocs or our global Come As You Are™ campaign, please visit www.crocs.com or follow @Crocs on Facebook, Instagram and Twitter.
Forward Looking Statements:
This press release includes estimates, projections, statements relating to our business plans, objectives, and expected operating results that are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements include, but are not limited to, statements regarding potential impacts to our business related to the COVID-19 pandemic, our financial, brand and liquidity outlook and expectations regarding our 2020 expenses and capital expenditures. These statements involve known and unknown risks, 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: the COVID-19 outbreak and related government, private sector, and individual consumer responsive actions; current global financial conditions, including economic impacts resulting from the COVID-19 outbreak; the effect of competition in our industry; our ability to effectively manage our future growth or declines in revenues; changing consumer preferences; our ability to maintain and expand revenues and gross margin; our ability to accurately forecast consumer demand for our products; our ability to successfully implement our strategic plans; 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; 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 speak only as of the date of this press release. We do not undertake any obligation to update publicly any forward-looking statements.
Category:Investors
CROCS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (in thousands, except per share data) | |||||||||
| Three Months Ended March 31, | ||||||||
| 2020 |
|
| 2019 |
| ||||
Revenues | $ | 281,160 |
|
|
| $ | 295,949 |
|
|
Cost of sales | 146,998 |
|
|
| 158,334 |
|
| ||
Gross profit | 134,162 |
|
|
| 137,615 |
|
| ||
Selling, general and administrative expenses | 113,350 |
|
|
| 105,037 |
|
| ||
Income from operations | 20,812 |
|
|
| 32,578 |
|
| ||
Foreign currency losses, net | (231 | ) |
|
| (1,217 | ) |
| ||
Interest income | 97 |
|
|
| 195 |
|
| ||
Interest expense | (1,921 | ) |
|
| (1,817 | ) |
| ||
Other income, net | 21 |
|
|
| 590 |
|
| ||
Income before income taxes | 18,778 |
|
|
| 30,329 |
|
| ||
Income tax expense | 7,687 |
|
|
| 5,619 |
|
| ||
Net income | $ | 11,091 |
|
|
| $ | 24,710 |
|
|
Net income per common share: |
|
|
| ||||||
Basic | $ | 0.16 |
|
|
| $ | 0.34 |
|
|
Diluted | $ | 0.16 |
|
|
| $ | 0.33 |
|
|
Weighted average common shares outstanding: |
|
|
| ||||||
Basic | 67,931 |
|
|
| 73,009 |
|
| ||
Diluted | 69,218 |
|
|
| 74,875 |
|
|
CROCS, INC. AND SUBSIDIARIES EARNINGS PER SHARE (UNAUDITED) (in thousands, except per share data) | |||||||
|
| ||||||
| Three Months Ended March 31, | ||||||
| 2020 |
| 2019 | ||||
Numerator: |
|
|
| ||||
Net income | $ | 11,091 |
|
| $ | 24,710 |
|
Denominator: |
|
|
| ||||
Weighted average common shares outstanding - basic | 67,931 |
|
| 73,009 |
| ||
Plus: Dilutive effect of stock options and unvested restricted stock units | 1,287 |
|
| 1,866 |
| ||
Weighted average common shares outstanding - diluted | 69,218 |
|
| 74,875 |
| ||
|
|
|
| ||||
Net income per common share: |
|
|
| ||||
Basic | $ | 0.16 |
|
| $ | 0.34 |
|
Diluted | $ | 0.16 |
|
| $ | 0.33 |
|
CROCS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (in thousands, except share and par value amounts) | |||||||||
|
|
|
| ||||||
| March 31, 2020 |
| December 31, 2019 | ||||||
ASSETS |
|
|
| ||||||
Current assets: |
|
|
| ||||||
Cash and cash equivalents | $ | 107,038 |
|
|
| $ | 108,253 |
|
|
Accounts receivable, net of allowances of $19,922 and $18,797, respectively | 172,398 |
|
|
| 108,199 |
|
| ||
Inventories | 195,755 |
|
|
| 172,028 |
|
| ||
Income taxes receivable | 3,174 |
|
|
| 1,341 |
|
| ||
Other receivables | 12,533 |
|
|
| 8,711 |
|
| ||
Restricted cash - current | 1,595 |
|
|
| 1,500 |
|
| ||
Prepaid expenses and other assets | 21,508 |
|
|
| 25,350 |
|
| ||
Total current assets | 514,001 |
|
|
| 425,382 |
|
| ||
Property and equipment, net of accumulated depreciation and amortization of $81,127 and $79,604, respectively | 47,019 |
|
|
| 47,405 |
|
| ||
Intangible assets, net of accumulated amortization of $86,722 and $82,760, respectively | 46,393 |
|
|
| 47,095 |
|
| ||
Goodwill | 1,552 |
|
|
| 1,578 |
|
| ||
Deferred tax assets, net | 24,108 |
|
|
| 24,747 |
|
| ||
Restricted cash | 1,959 |
|
|
| 2,292 |
|
| ||
Right-of-use assets | 193,070 |
|
|
| 182,228 |
|
| ||
Other assets | 8,138 |
|
|
| 8,075 |
|
| ||
Total assets | $ | 836,240 |
|
|
| $ | 738,802 |
|
|
|
|
|
| ||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
| ||||||
Current liabilities: |
|
|
| ||||||
Accounts payable | $ | 104,893 |
|
|
| $ | 95,754 |
|
|
Accrued expenses and other liabilities | 71,309 |
|
|
| 108,677 |
|
| ||
Income taxes payable | 9,803 |
|
|
| 4,207 |
|
| ||
Current operating lease liabilities | 50,026 |
|
|
| 48,585 |
|
| ||
Total current liabilities | 236,031 |
|
|
| 257,223 |
|
| ||
Long-term income taxes payable | 4,039 |
|
|
| 4,522 |
|
| ||
Long-term borrowings | 350,000 |
|
|
| 205,000 |
|
| ||
Long-term operating lease liabilities | 152,139 |
|
|
| 140,148 |
|
| ||
Other liabilities | 2 |
|
|
| 4 |
|
| ||
Total liabilities | 742,211 |
|
|
| 606,897 |
|
| ||
Commitments and contingencies |
|
|
| ||||||
Stockholders’ equity: |
|
|
| ||||||
Preferred stock, par value $0.001 per share, 5.0 million shares authorized including 1.0 million authorized as Series A Convertible Preferred Stock, none outstanding | — |
|
| — |
| ||||
Common stock, par value $0.001 per share, 250.0 million shares authorized, 104.8 million and 104.0 million issued, 67.4 million and 68.2 million outstanding, respectively | 105 |
|
|
| 104 |
|
| ||
Treasury stock, at cost, 37.5 million and 35.8 million shares, respectively | (587,940 | ) |
|
| (546,208 | ) |
| ||
Additional paid-in capital | 500,197 |
|
|
| 495,903 |
|
| ||
Retained earnings | 251,576 |
|
|
| 240,485 |
|
| ||
Accumulated other comprehensive loss | (69,909 | ) |
|
| (58,379 | ) |
| ||
Total stockholders’ equity | 94,029 |
|
|
| 131,905 |
|
| ||
Total liabilities and stockholders’ equity | $ | 836,240 |
|
|
| $ | 738,802 |
|
|
CROCS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (in thousands) | |||||||||
|
| ||||||||
| Three Months Ended March 31, | ||||||||
| 2020 |
|
| 2019 |
| ||||
Cash flows from operating activities: |
|
|
| ||||||
Net income | $ | 11,091 |
|
|
| $ | 24,710 |
|
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
| ||||||
Depreciation and amortization | 6,907 |
|
|
| 6,136 |
|
| ||
Operating lease cost | 14,994 |
|
|
| 14,930 |
|
| ||
Share-based compensation | 3,964 |
|
|
| 3,634 |
|
| ||
Other non-cash items | 5,877 |
|
|
| (911 | ) |
| ||
Changes in operating assets and liabilities: |
|
|
| ||||||
Accounts receivable, net of allowances | (73,232 | ) |
|
| (80,722 | ) |
| ||
Inventories | (29,268 | ) |
|
| (15,099 | ) |
| ||
Prepaid expenses and other assets | 3,294 |
|
|
| 6,875 |
|
| ||
Accounts payable, accrued expenses and other liabilities | (16,218 | ) |
|
| (3,658 | ) |
| ||
Operating lease liabilities | (12,323 | ) |
|
| (19,610 | ) |
| ||
Cash used in operating activities | (84,914 | ) |
|
| (63,715 | ) |
| ||
Cash flows from investing activities: |
|
|
| ||||||
Purchases of property, equipment, and software | (16,076 | ) |
|
| (10,553 | ) |
| ||
Proceeds from disposal of property and equipment | 25 |
|
|
| 225 |
|
| ||
Other | (116 | ) |
|
| — |
| |||
Cash used in investing activities | (16,167 | ) |
|
| (10,328 | ) |
| ||
Cash flows from financing activities: |
|
|
| ||||||
Proceeds from bank borrowings | 145,000 |
|
|
| 95,000 |
|
| ||
Dividends—Series A convertible preferred stock (1) | — |
|
| (2,985 | ) |
| |||
Repurchases of common stock | (39,159 | ) |
|
| (53,478 | ) |
| ||
Other | (2,717 | ) |
|
| (1,662 | ) |
| ||
Cash provided by financing activities | 103,124 |
|
|
| 36,875 |
|
| ||
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | (3,496 | ) |
|
| (22 | ) |
| ||
Net change in cash, cash equivalents, and restricted cash | (1,453 | ) |
|
| (37,190 | ) |
| ||
Cash, cash equivalents, and restricted cash—beginning of period | 112,045 |
|
|
| 127,530 |
|
| ||
Cash, cash equivalents, and restricted cash—end of period | $ | 110,592 |
|
|
| $ | 90,340 |
|
|
(1) For the three months ended March 31, 2019, represents $3.0 million paid to induce conversion of Series A Convertible Preferred Stock to common stock.
CROCS, INC. AND SUBSIDIARIES RECONCILIATION OF GAAP MEASURES TO NON-GAAP MEASURES
In addition to financial measures presented on the basis of accounting principles generally accepted in the United States of America (“GAAP”), we present “Non-GAAP cost of sales,” “Non-GAAP gross profit,” “Non-GAAP gross margin,” “Non-GAAP selling, general, and administrative expenses,” “Non-GAAP net income attributable to common stockholders,” “Non-GAAP operating margin,” “Non-GAAP weighted average common shares outstanding - basic and diluted,” and “Non-GAAP basic and diluted net income per common share,” which are non-GAAP financial measures. Non-GAAP results 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.
We also present certain information related to our current period results of operations through “constant currency,” which is a non-GAAP financial measure and should be viewed as a supplement to our results of operations and presentation of reportable segments under GAAP. Constant currency represents current period results that have been retranslated using exchange rates used in the prior year comparative period to enhance the visibility of the underlying business trends excluding the impact of foreign currency exchange rate fluctuations.
Management uses non-GAAP results to assist in comparing business trends from period to period on a consistent basis in communications with the board of directors, stockholders, analysts, and investors concerning our financial performance. We believe that these non-GAAP measures are useful to investors and other users of our condensed consolidated financial statements as an additional tool for evaluating operating performance and trends. For three months ended March 31, 2020, management believes it is helpful to evaluate our results excluding the impacts of various adjustments relating to special or non-recurring items. Investors should not consider these non-GAAP measures in isolation from, or as a substitute for, financial information prepared in accordance with GAAP.
CROCS, INC. AND SUBSIDIARIES RECONCILIATION OF GAAP MEASURES TO NON-GAAP MEASURES (UNAUDITED) Non-GAAP cost of sales, gross profit, and gross margin reconciliation: | |||||||
|
| ||||||
| Three Months Ended March 31, | ||||||
| 2020 |
| 2019 | ||||
| (in thousands) | ||||||
GAAP revenues | $ | 281,160 |
|
| $ | 295,949 |
|
|
|
|
| ||||
GAAP cost of sales | $ | 146,998 |
|
| $ | 158,334 |
|
New distribution centers (1) | (927 | ) |
| (1,165 | ) | ||
Other | — |
|
| (110 | ) | ||
Total adjustments | (927 | ) |
| (1,275 | ) | ||
Non-GAAP cost of sales | $ | 146,071 |
|
| $ | 157,059 |
|
|
|
|
| ||||
GAAP gross profit | $ | 134,162 |
|
| $ | 137,615 |
|
GAAP gross margin | 47.7 | % |
| 46.5 | % | ||
|
|
|
| ||||
Non-GAAP gross profit | $ | 135,089 |
|
| $ | 138,890 |
|
Non-GAAP gross margin | 48.0 | % |
| 46.9 | % |
(1) Represents non-recurring expenses related to our distribution centers in Dayton, Ohio and Dordrecht, the Netherlands.
Non-GAAP selling, general and administrative expenses reconciliation: | |||||||
| Three Months Ended March 31, | ||||||
| 2020 |
| 2019 | ||||
| (in thousands) | ||||||
GAAP revenues | $ | 281,160 |
|
| $ | 295,949 |
|
|
|
|
| ||||
GAAP selling, general and administrative expenses | $ | 113,350 |
|
| $ | 105,037 |
|
COVID-19 impact of bad debt expense (1) | (2,773 | ) |
| — |
| ||
Donations of inventory | (1,702 | ) |
| — |
| ||
Duplicate headquarters rent (2) | (207 | ) |
| — |
| ||
Non-recurring expenses associated with cost reduction initiatives (3) | — |
|
| (685 | ) | ||
Other | 69 |
|
| — |
| ||
Total adjustments | (4,613 | ) |
| (685 | ) | ||
Non-GAAP selling, general and administrative expenses (4) | $ | 108,737 |
|
| $ | 104,352 |
|
|
|
|
| ||||
GAAP selling, general and administrative expenses as a percent of revenues | 40.3 | % |
| 35.5 | % | ||
Non-GAAP selling, general and administrative expenses as a percent of revenues | 38.7 | % |
| 35.3 | % |
(1) Represents bad debt expense associated with the impact of COVID-19 on wholesale partners in our Asia Pacific segment. (2) As a result of the COVID-19 pandemic, our move to our new headquarters in Broomfield, Colorado has been delayed, resulting in duplicate rent costs. (3) Non-recurring expenses associated with cost reduction initiatives in 2019. (4) Non-GAAP selling, general and administrative expenses are presented gross of tax.
CROCS, INC. AND SUBSIDIARIES RECONCILIATION OF GAAP MEASURES TO NON-GAAP MEASURES (UNAUDITED) | |||||||
Non-GAAP income from operations and operating margin reconciliation: | |||||||
| Three Months Ended March 31, | ||||||
| 2020 |
| 2019 | ||||
| (in thousands) | ||||||
GAAP revenues | $ | 281,160 |
|
| $ | 295,949 |
|
|
|
|
| ||||
GAAP income from operations | $ | 20,812 |
|
| $ | 32,578 |
|
Non-GAAP cost of sales adjustments (1) | 927 |
|
| 1,275 |
| ||
Non-GAAP selling, general and administrative expenses adjustments (2) | 4,613 |
|
| 685 |
| ||
Non-GAAP income from operations | $ | 26,352 |
|
| $ | 34,538 |
|
|
|
|
| ||||
GAAP operating margin | 7.4 | % |
| 11.0 | % | ||
Non-GAAP operating margin | 9.4 | % |
| 11.7 | % |
(1) See 'Non-GAAP cost of sales, gross profit, and gross margin reconciliation' above for more details. (2) See 'Non-GAAP selling, general and administrative expenses reconciliation' above for more details.
Non-GAAP earnings per share reconciliation: | ||||||||
| Three Months Ended March 31, | |||||||
| 2020 |
|
| 2019 | ||||
| (in thousands, except per share data) | |||||||
Numerator: |
|
|
| |||||
GAAP net income | $ | 11,091 |
|
|
| $ | 24,710 |
|
Non-GAAP cost of sales adjustments (1) | 927 |
|
|
| 1,275 |
| ||
Non-GAAP selling, general and administrative expenses adjustments (2) | 4,613 |
|
|
| 685 |
| ||
Tax effect of non-GAAP operating adjustments (3) | (1,385 | ) |
|
| — |
| ||
Non-GAAP net income | $ | 15,246 |
|
|
| $ | 26,670 |
|
Denominator: |
|
|
| |||||
GAAP weighted average common shares outstanding - basic | 67,931 |
|
|
| 73,009 |
| ||
Plus: GAAP dilutive effect of stock options and unvested restricted stock units | 1,287 |
|
|
| 1,866 |
| ||
GAAP weighted average common shares outstanding - diluted | 69,218 |
|
|
| 74,875 |
| ||
|
|
|
| |||||
GAAP net income per common share: |
|
|
| |||||
Basic | $ | 0.16 |
|
|
| $ | 0.34 |
|
Diluted | $ | 0.16 |
|
|
| $ | 0.33 |
|
|
|
|
| |||||
Non-GAAP net income per common share: |
|
|
| |||||
Basic | $ | 0.22 |
|
|
| $ | 0.37 |
|
Diluted | $ | 0.22 |
|
|
| $ | 0.36 |
|
(1) See 'Non-GAAP cost of sales, gross profit, and gross margin reconciliation' above for more information. (2) See 'Non-GAAP selling, general and administrative expenses reconciliation' above for more information. (3) In the three months ended March 31, 2019, non-GAAP operating adjustments were in jurisdictions subject to a full valuation allowance, and thus had no material net tax impact.
CROCS, INC. AND SUBSIDIARIES REVENUES BY SEGMENT (UNAUDITED) | |||||||||||||||
| Three Months Ended March 31, |
| % Change |
| Constant Currency % Change (1) | ||||||||||
| 2020 |
| 2019 |
|
| ||||||||||
| (in thousands) | ||||||||||||||
Americas: |
|
|
|
|
|
|
| ||||||||
Wholesale | $ | 90,805 |
|
| $ | 71,229 |
|
| 27.5 |
| % |
| 29.0 |
| % |
Retail | 34,618 |
|
| 38,076 |
|
| (9.1 | ) | % |
| (9.1 | ) | % | ||
E-commerce | 22,300 |
|
| 19,821 |
|
| 12.5 |
| % |
| 12.6 |
| % | ||
Total Americas | 147,723 |
|
| 129,126 |
|
| 14.4 |
| % |
| 15.2 |
| % | ||
Asia Pacific: |
|
|
|
|
|
|
| ||||||||
Wholesale | 45,580 |
|
| 68,950 |
|
| (33.9 | ) | % |
| (32.0 | ) | % | ||
Retail | 10,187 |
|
| 13,903 |
|
| (26.7 | ) | % |
| (23.9 | ) | % | ||
E-commerce | 9,693 |
|
| 8,194 |
|
| 18.3 |
| % |
| 22.0 |
| % | ||
Total Asia Pacific | 65,460 |
|
| 91,047 |
|
| (28.1 | ) | % |
| (25.9 | ) | % | ||
EMEA |
|
|
|
|
|
|
| ||||||||
Wholesale | 56,711 |
|
| 64,491 |
|
| (12.1 | ) | % |
| (9.2 | ) | % | ||
Retail | 3,994 |
|
| 5,417 |
|
| (26.3 | ) | % |
| (25.3 | ) | % | ||
E-commerce | 7,196 |
|
| 5,816 |
|
| 23.7 |
| % |
| 26.8 |
| % | ||
Total EMEA | 67,901 |
|
| 75,724 |
|
| (10.3 | ) | % |
| (7.6 | ) | % | ||
Total segment revenues | 281,084 |
|
| 295,897 |
|
| (5.0 | ) | % |
| (3.3 | ) | % | ||
Other businesses | 76 |
|
| 52 |
|
| 46.2 |
| % |
| 46.2 |
| % | ||
Total consolidated revenues | $ | 281,160 |
|
| $ | 295,949 |
|
| (5.0 | ) | % |
| (3.3 | ) | % |
|
|
|
|
|
|
|
| ||||||||
Total wholesale | $ | 193,172 |
|
| $ | 204,722 |
|
| (5.6 | ) | % |
| (3.6 | ) | % |
Total retail | 48,799 |
|
| 57,396 |
|
| (15.0 | ) | % |
| (14.2 | ) | % | ||
Total e-commerce | 39,189 |
|
| 33,831 |
|
| 15.8 |
| % |
| 17.3 |
| % | ||
Total consolidated revenues | $ | 281,160 |
|
| $ | 295,949 |
|
| (5.0 | ) | % |
| (3.3 | ) | % |
(1) Reflects year over year change as if the current period results were in constant currency, which is a non-GAAP financial measure. See ‘Reconciliation of GAAP Measures to Non-GAAP Measures’ above for more information.
CROCS, INC. AND SUBSIDIARIES RETAIL STORE COUNTS (UNAUDITED) | ||||||||||||
|
|
|
|
|
|
|
|
| ||||
|
| December 31, 2019 |
| Opened |
| Closed |
| March 31, 2020 | ||||
Type: |
|
|
|
|
|
|
|
| ||||
Outlet stores |
| 193 |
|
| 2 |
|
| 1 |
|
| 194 |
|
Retail stores |
| 109 |
|
| 1 |
|
| 2 |
|
| 108 |
|
Kiosk/store in store |
| 65 |
|
| 1 |
|
| 1 |
|
| 65 |
|
Total |
| 367 |
|
| 4 |
|
| 4 |
|
| 367 |
|
Operating segment: |
|
|
|
|
|
|
|
| ||||
Americas |
| 165 |
|
| 1 |
|
| — |
|
| 166 |
|
Asia Pacific |
| 145 |
|
| 1 |
|
| — |
|
| 146 |
|
EMEA |
| 57 |
|
| 2 |
|
| 4 |
|
| 55 |
|
Total |
| 367 |
|
| 4 |
|
| 4 |
|
| 367 |
|
CROCS, INC. AND SUBSIDIARIES DIGITAL SALES PERCENTAGE, COMPARABLE RETAIL STORE SALES, AND DIRECT-TO-CONSUMER COMPARABLE SALES (UNAUDITED) | |||||
Digital sales, which includes sales through our company-owned website, third party marketplaces, and e-tailers, as a percent of total revenues, by operating segment were: | |||||
| Three Months Ended March 31, | ||||
| 2020 |
| 2019 | ||
Digital sales as a percent of total revenues: |
|
|
| ||
Americas | 29.0 | % |
| 26.1 | % |
Asia Pacific | 24.4 | % |
| 19.0 | % |
EMEA | 38.2 | % |
| 31.8 | % |
Global | 30.1 | % |
| 25.4 | % |
Comparable retail store sales and direct-to-consumer store sales by operating segment were: | |||||
Constant Currency (1) | |||||
Three Months Ended March 31, | |||||
2020 | 2019 | ||||
Comparable retail store sales: (2) | |||||
Americas | 23.3 | % | 12.4 | % | |
Asia Pacific | (19.7 | )% | (0.4 | )% | |
EMEA | 4.4 | % | 9.3 | % | |
Global | 7.5 | % | 8.7 | % | |
Constant Currency (1) | |||||
Three Months Ended March 31, | |||||
2020 |
| 2019 | |||
Direct-to-consumer comparable sales (includes retail and e-commerce): (2) | |||||
Americas | 18.0 | % | 15.3 | % | |
Asia Pacific | (6.1 | )% | 1.9 | % | |
EMEA | 16.6 | % | 19.2 | % | |
Global | 10.9 | % | 12.2 | % |
(1) Reflects period over period change as if the current period results were in constant currency, which is a non-GAAP financial measure. See ‘Reconciliation of GAAP Measures to Non-GAAP Measures’ above for more information. (2) Comparable store status is determined on a monthly basis. Comparable store sales include the revenues of stores that have been in operation for more than twelve months. 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. E-commerce revenues are based on same site sales period over period.
View source version on businesswire.com: https://www.businesswire.com/news/home/20200423005190/en/
Investor Contact: Cori Lin, Crocs, Inc. (303) 848-5053 clin@crocs.com
PR Contact: Melissa Layton, Crocs, Inc. (303) 848-7885 mlayton@crocs.com
Source: Crocs, Inc.