Pared-back Crocs confident in new strategy
03/08/2015
Revenue was $345.7 million, “in line with expectations”. On a constant currency basis, revenue decreased 1.1% compared with the prior year.
CEO Gregg Ribatt said business is “stabilising” and he was pleased global e-commerce revenue increased nearly 30%.
He said: “The company continues to make progress in implementing our strategy including: strengthening our brand, elevating our product stories, evolving our international business to focus on our six core markets, strengthening our relationships with key wholesale partners and improving our direct-to-consumer capabilities. We are confident that these moves are laying the foundation to position the company for sustained growth in the future."
The company invested $15 million more in marketing in the second quarter than in the same period last year, to build brand awareness.
“As our business continues to stabilise, we expect Q3 revenue in the $280 to $290 million range compared to $302 million last year, showing growth on a constant currency basis at today's rates and excluding the impacts of store closings and discontinued product lines," added Mr Ribatt.
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