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Crocs admits 2014 will be ‘transitional’

26/02/2014
Footwear brand Crocs has reported sales up 6% for 2013 and says the investment it received in December from private equity firm Crocs is a “vote of confidence”.

CEO John McCarvel said: "We delivered balanced performance in the fourth quarter despite the challenging retail environment in North America. On a constant currency basis, 2013 revenue grew by 4% for the quarter and 9% for the full year. The full-year revenue growth was driven by a solid 7% increase in wholesale revenue, with particular strength in Europe, as well as our global retail expansion.

"We've made tremendous progress as a company over the past 10 years – from a one-season, one-shoe, and one-country brand to a diversified, four-season global footwear leader that is on solid financial footing, and we believe our business is well positioned to succeed going forward," 

The company says this year will see a significant transition period has it hunts for a new CEO. Mr McCarvel will retire by the end of April.


Related stories:

Pared-back Crocs confident in new strategy 03/08/2015
Crocs hit with $19m loss after China errors 03/03/2015
Crocs completes management shake-up with CEO appointment 17/12/2014
Crocs brings shoes to life with app-scannable charms 10/09/2014
Crocs parachutes in Reebok exec 30/07/2014

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