Crocs, Inc. Provides Third Quarter 2020 Revenue Outlook

Rhea-AI Summary

On September 11, 2020, Crocs (NASDAQ: CROX) announced its optimistic revenue outlook for Q3 2020, projecting a growth of approximately 10% compared to $312.8 million in Q3 2019. The CEO, Andrew Rees, highlighted strong consumer demand and confidence in sustainable growth post-COVID-19. The company will present at the CL King & Associates' Best Ideas Conference on September 16, 2020, emphasizing its focus on strategic growth for 2021 and beyond.

Positive

• Projected Q3 2020 revenue growth of approximately 10%
• Strong consumer demand and sell-through rates reported
• Confidence in sustainable, profitable growth moving forward

Negative

• None.

BROOMFIELD, Colo., Sept. 11, 2020 /PRNewswire/ -- Crocs, Inc. (NASDAQ: CROX), a world leader in innovative casual footwear for men, women, and children, today provided third quarter 2020 revenue outlook in anticipation of its presentation at CL King & Associates' 18th Annual Best Ideas Conference.

"As a brand, we have proven resilient in the face of adversity and are emerging from the COVID-19 crisis with tremendous optimism," said Andrew Rees, President and Chief Executive Officer. "We have experienced exceptional consumer demand and strong sell throughs. As a result, we expect revenue growth of approximately 10% in the third quarter and anticipate our business continuing to strengthen. We remain focused on setting ourselves up for a successful 2021 and are confident in our ability to deliver sustainable, profitable growth for years to come."

Third Quarter 2020 Outlook:

Given these unprecedented times, we will continue to provide increased visibility when appropriate. For the third quarter of 2020, the Company now expects revenue to grow approximately 10% compared to revenue of $312.8 million in the third quarter of 2019.

CL King & Associates' 18th Annual Best Ideas Conference:

As previously announced, the Company will present at the CL King & Associates' 18th Annual Best Ideas Conference on Wednesday, September 16, 2020 at 9:30 am ET. A live broadcast of the Company's presentation will be available on the Crocs website, www.crocs.com. A replay of the webcast will remain available on the Crocs website after the presentation.

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 our expectations regarding third quarter 2020 revenue and business strength and profit growth. 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

Investor Contact: 
Cori Lin, Crocs, Inc. 
(303) 848-5053 
clin@crocs.com

PR Contact:
Melissa Layton, Crocs, Inc.
(303) 848-7885
mlayton@crocs.com 

 

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SOURCE Crocs, Inc.

FAQ

What is Crocs' projected revenue growth for Q3 2020?

Crocs projects a revenue growth of approximately 10% in Q3 2020 compared to $312.8 million in Q3 2019.

When is Crocs presenting at the CL King & Associates' conference?

Crocs will present at the CL King & Associates' 18th Annual Best Ideas Conference on September 16, 2020, at 9:30 am ET.

What factors contribute to Crocs' Q3 revenue outlook?

Crocs cites exceptional consumer demand and strong sell-throughs as key factors contributing to their positive revenue outlook for Q3.

What materials are used in Crocs footwear?

The majority of Crocs footwear is made from Croslite™ material, which provides comfort and style.

Is Crocs confident about future growth?

Yes, Crocs expresses confidence in its ability to deliver sustainable and profitable growth beyond 2020.