Crocs blames exchange rates for plummeting income - footwearbiz: Leadi

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Crocs blames exchange rates for plummeting income

07/05/2014
Footwear brand Crocs has reported a 0.2% increase revenues in the first quarter of 2014 but a dramatic drop in income - $16.8 million compared with $37.7 million in the same period last year.

The company blamed of the shift of the Easter holiday from March into April, negative currency impacts in Japan and Russia and a change in product mix for the decline.

Outgoing CEO McCarvel highlighted growth in Asia and in the company’s non-clog portfolio as bright spots and said revenues were in line with expectations. Private equity firm Blackstone invested in the business last December.

CFO Jeff Lasher added: "This is a time of transition for Crocs as we focus our strategy on enhancing returns for shareholders. We see opportunities to make significant improvements in our business model going forward in order to deliver on that goal."



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