Crocs Q4 Loss Narrower Than Expected
Feb 20th 2014 7:14PM
Updated Feb 20th 2014 7:16PM
Shares of Crocs rose to their feet following the release of the company's Q4 and fiscal 2013 results. For the quarter, revenue was $229 million, an improvement from the $225 million in the same period the previous year. Net, however, swung to a loss of $17.7 million ($0.20 per diluted share), from Q4 2012's profit of $4.4 million ($0.05).
But the latest figures weren't as bad as expected -- on average, analysts had been projecting a shortfall of $0.22 per share on revenue of $221 million. For the entirety of 2013, revenues amounted to $1.2 billion, which bettered the $1.1 billion of the previous year. Net income dropped to $78.8 million ($0.82 per share) from 2012's $129.0 million ($1.42).
The firm attributed the improvement in top line to "a solid 7% increase in wholesale revenue, with particular strength in Europe, as well as our global retail expansion," according to CEO John McCarvel.
Crocs provided limited guidance for its current Q1, saying that it anticipates revenue of $305 million to $315 million for the quarter.
In the wake of the results announcement, the company's stock advanced by just more than 5%, or $0.76, to close the day at $15.81.
The article Crocs Q4 Loss Narrower Than Expected originally appeared on Fool.com.Eric Volkman has no position in Crocs. The Motley Fool owns shares of Crocs. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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