Crocs falls after weak Q3 forecasts, Q2 profit miss
CROX•Revenue beats but company raises annual targets
- Q2 revenue of $1.18 billion beats estimates of $1.15 billion
- Still, the company lifts annual sales and profit targets, betting on strength in its direct-to-consumer business
- CROX is up 56% so far this year, as of last close
Shares fall after quarterly profit miss and weak outlook
- Shares of footwear maker Crocs
CROX.Ofall 11.6% to $118 in premarket trading - The company forecasts current-quarter profit and revenue below estimates
- It logs $430 million and $307 million non-cash impairment charges related to the HEYDUDE trademark and HEYDUDE Brand reporting unit goodwill, respectively
- Q2 adjusted earnings per share of $4.23 miss estimates of $4.34, according to data compiled by LSEG
- Q2 adjusted operating margin is 25.1%, lower than last year's 26.9%
- Q3 revenue is expected to be flat compared with a year ago, while adjusted EPS is expected to be $3.20 to $3.30
- Analysts expect Q3 revenue growth of 2.4% and adjusted EPS of $3.53
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