Crocs reports 8.8 percent revenue rise in FY 2013
REPORT_ Crocs has reported financial results for the fourth quarter and full year ended December 31, 2013. Its GAAP revenue increased 1.6 percent and 6.2 percent in the 2013 fourth quarter and the full year, respectively. On a constant currency basis, revenue increased 4.1 percent and 8.8 percent in the 2013 fourth quarter and full year, respectively.
The Niwot headquartered company reported a net loss of 0.76 dollars and net income of 0.12 dollars per diluted share on a GAAP basis in the 2013 fourth quarter and the full year, respectively. Excluding certain non-recurring, unusual and infrequent charges, the company reported a non-GAAP net loss of 0.20 dollars and non-GAAP net income of 0.82 dollars per diluted share in the 2013 fourth quarter and the full year.
According to John McCarvel, President and Chief Executive Officer, of Crocs, “We delivered balanced performance in the fourth quarter despite the challenging retail environment in North America. On a constant currency basis, 2013 revenue grew by 4 percent for the quarter and 9 percent for the full year. The full-year revenue growth was driven by a solid 7 percent increase in wholesale revenue, with particular strength in Europe, as well as our global retail expansion.”
In the fourth quarter of 2013, the company incurred a GAAP net loss of 66.9 million dollars, compared with a net loss of 3.6 million dollars in the comparable quarter in the prior year. The company reported a non-GAAP net loss of 17.7 million dollars in the quarter compared with non-GAAP net income of 4.4 million dollars in the fourth quarter of 2012.
The company generated net income of 10.4 million dollars for the full year 2013, compared with net income of 131.3 million dollars in 2012. The company generated non-GAAP net income of 72.8 million dollars for the full year 2013 compared with non-GAAP net income of 129.1 million dollars during 2012.
Thomas J. Smach, Crocs Chairman of the Board, commented, “As we look forward, 2014 will be a significant transition period for the company. We will recruit a new CEO who will work with the reconstituted board to refine the company’s short-term and long-term strategic plans, which will include prioritizing earnings over top-line growth. We will focus on improving financial performance, particularly in the Americas and Japan, as well as enhancing our global retail execution.”
For the first quarter of 2014, the company expects revenue between 305 million dollars and 315 million dollars. As previously announced by the company, McCarvel intends to retire as President, Chief Executive Officer and board member by April 30, 2014.