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Article Date: April 2020
Word Count: 477

Crocs Will Cut Costs after Q1 Results Decline


Net income took a 55% hit to $11,091,000 from $24,710,000 as revenue ticked down 5% to $281,160,000 from $295,949,000, including a 6% drop in wholesale, while retail sales were down 15%. Excluding store closures of more than three days, retail comps increased 7.5%. Brick-and-mortar retail declines were partially offset by e-commerce posting 15.8% growth. Americas sales were up 14% to $147.7 million, with store comps up 23% before the mid-March shutdown. Asia sales fell 28% to $65.5 million, as 18% e-commerce growth was offset by a 27% decline for brick-and-mortar retail. EMEA sales dipped 10% to $67.9 million, benefiting from ... Log in to view full article.

 


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