21 Feb Crocs shares jump as loss smaller than expected
Shoe maker Crocs Inc. on Thursday reported a wider fourth-quarter loss than a year ago, but the loss was smaller than what Wall Street analysts expected.
Shares of the footwear maker rose 76 cents, or 5 percent, to close at $15.81.
The company, which is based in Niwot, Colo., is known for its colorful plastic clogs. It has launched other products, but they haven’t been as popular. In December, private equity firm Blackstone invested $200 million in the company
Crocs did not release earnings projections for 2014 because the business is in transition, said Thomas Smach, the company’s board chairman. Crocs is working on finding ways to increase its profit and is looking for a new CEO to replace John McCarvel, who in December announced he is retiring.
Crocs reported a loss of $66.9 million, or 76 cents per share, in the quarter ending Dec. 31. That compares with a loss of $3.6 million, or 4 cents per share, in the same quarter the year before.
Excluding one-time charges, the company reported a loss of 20 cents per share. That’s better than the loss of 22 cents per share analysts expected, according to FactSet.
Revenue rose 2 percent to $228.7 million from $225 million. That’s above the $220.4 million analysts expected.
For the full year, the company reported an adjusted earnings of 82 cents per share and revenue $1.2 billion. That compares with earnings of $1.42 per share and revenue of $1.1 billion the year before. Analysts expected earnings of 78 cents per share and revenue of $1.9 billion in 2013.