Companies and Brands
CROCS Earnings: Now Back To Ugly Shoes (CROX)
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CROCS Inc. (NASDAQ: CROX) is one of the few retail apparel stocks which was up 100% from its 52-week low. It had been a miraculous recovery stock earlier this year. Call it the flame-out momentum apparel stock death of years past that witnessed a massive resurrection. The emblem could have been a Phoenix rather than an alligator if you just look at the lows in January to the highs in July.
That was then, this is now… Wall Street lives by a “what have you done for me lately and what will you do for me tomorrow” creed. That creed is causing major pain in CROCS after the close.
The shoe (and apparel) maker reported that earnings were going to come in at $0.31 to $0.33 EPS on $273 to $275 million in sales. The company had previously offered guidance of $0.40 EPS and $280 million in sales (by and large the consensus estimates.
CROCS went on record by saying that direct channel sales in outlets and kiosks were soft after having been strong in the spring and summer. That in turn drove down margins.
After a big move up and in the “what will you do for me tomorrow” scenario, CROCS has gone back from a hot stock trying to regain some glory to a company that makes ugly gardening and comfort shoes.
The after-hours is just as ugly as those garden shoes. Shares are down a whopping 36% at $16.89 after closing down 1.2% at $26.64. The 52-week trading range is $13.20 to $32.47.
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