Crocs (CROX) Tops Q2 EPS by 87c, Revenues Easily Beat

Crocs (NASDAQ: CROX) reported Q2 EPS of $1.01, $0.87 better than the analyst estimate of $0.14. Revenue for the quarter came in at $331.5 million versus the consensus estimate of $249.63 million.

Andrew Rees, President and Chief Executive Officer, said, "Amidst unprecedented market conditions globally, we delivered exceptional performance in our Americas and e-commerce businesses and increased profit despite a very challenging environment. Our performance demonstrates the strength of the Crocs brand and underscores the work we've done expanding the desirability, relevance, and consideration of our brand and product offering globally."

GUIDANCE:

Given the continued disruption and global uncertainty related to COVID-19, we previously withdrew the guidance provided on February 27, 2020. We are not providing third quarter guidance. However, excluding the impact of any future shutdowns in major markets for full year 2020, we expect:

• Revenue: Revenue for the remainder of 2020 to be approximately flat compared to the back-half of 2019
• Tax: A tax rate of 11% for 2020
• Inventory: Inventory to be constrained throughout the remainder of 2020 reflecting our decision to significantly reduce inventory purchases as a result of the pandemic
• Capital Expenditures: Approximately $50 million, which reflects investment to support future growth that we had previously deferred

For earnings history and earnings-related data on Crocs (CROX) click here.

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