13 Jun Overheard On Wall Street: Crocs, Wolverine Worldwide & Steve Madden
CL King & Associates analyst Steve Marotta said Thursday that he walked away from meetings with Crocs Inc.’s management, at the FFANY shoe show in New York this week, feeling positive.
Marotta met with Crocs CEO Gregg Ribatt and CFO Carrie Teffler and said he now feels assured that the firm’s multi-year transformation is “most decidedly underway with full benefits still [to] come.”
“Recent achievements include streamlining global operations, closing underperforming stores, reducing the SKU count by nearly 50 percent, increasing on-time delivery metrics and improving marketing budget effectiveness all conspired to benefit Q1 (and we believe current) trends,” Marotta said.
Regarding product, Marotta said 70 percent of the brand’s current SKU count has been introduced within the last year, “making the product line highly relevant to consumers.”