- Prachi Singh |
Crocs, Inc. raising its revenue guidance for the fourth quarter ended December 31, 2019 said, it now expects revenue to be between 260 and 262 million dollars, up from its previous guidance range of 245 to 255 million dollars and compared to 216 million dollars in the fourth quarter of 2018. With respect to 2019, the company expects revenues to grow approximately 13 percent over 2018 revenues of 1,088.2 million dollars. With respect to 2020 revenues, the company continues to expect 12 percent to 14 percent growth over 2019 revenues.
“We delivered the strongest fourth quarter in Crocs’ history,” said Andrew Rees, President and Chief Executive Officer of Crocs, adding, “Our positive brand momentum allowed us to deliver strong DTC growth combined with excellent wholesale sell through. Our projected fourth quarter results represent a strong finish to a record year and we anticipate building on our 2019 growth trajectory in 2020.”
Full year adjusted gross margin is expected to be approximately 51 percent, excluding non-recurring charges of approximately 100 basis points associated with the company’s new US distribution centre. On a GAAP basis, gross margin is expected to be approximately 50 percent. Adjusted operating margin is forecasted to be approximately 11 percent, excluding non-recurring charges of approximately 100 basis points associated with the company’s new US distribution centre and certain SG&A costs. On a GAAP basis, operating margin is expected to be approximately 10 percent.