Crocs Inc. Reports 2012 Fourth Quarter & Full Year Financial Results
Crocs Inc. Reports 2012 Fourth Quarter & Full Year Financial Results
* Record Full Year 2012 Revenue of $1.12 Billion
* Full Year 2012 Diluted EPS of $1.44
* Excluding Non-Operating Items the Company Generated $0.04 of Diluted EPS
in the Fourth Quarter of 2012
Business Wire
NIWOT, Colo. -- February 20, 2013
Crocs Inc. (NASDAQ: CROX) reported today financial results for the fourth
quarter and full year ended December 31, 2012.
Full Year 2012 Highlights
* Revenue increased 12 percent to $1.12 billion or 14 percent on a constant
currency basis compared with the prior year period
* Gross Margin increased to 54.1 percent, an increase of 50 basis points
compared with the prior year period
* Net income, excluding non-operating items and one-time tax benefits,
increased 17 percent compared with the prior year period
“Our strong performance in 2012 reflects our ongoing investment in our multi
channel strategy. We saw revenue growth during 2012 of 14% on a constant
currency basis, while also approaching a record 50 million units and
increasing average selling prices,” said John McCarvel, President and Chief
Executive Officer. “Looking forward into 2013, our customers are eagerly
anticipating delivery of our spring summer line in the next few weeks,
including the Huarache collection, which we expect to be the thirtieth member
of our million pair seller club, our molded boat shoes, and our women’s wedge
line. We believe our focus on bringing innovative, colorful, comfortable and
fun products to the marketplace allows us to grow our business thoughtfully
and provide long-term value to our stockholders.”
Full Year 2012 Results
Net income for the year ended December 31, 2012 was $131.3 million, or $1.44
per diluted share, compared with net income of $112.8 million, or $1.24 per
diluted share, in 2011. Non-GAAP net income^1, adjusted for a tax benefit in
the third quarter of 2012, contingency accruals of $5.9 million in the fourth
quarter of 2012 and $1.8 million of expense related to the implementation of a
new enterprise resource planning (ERP) system, for the full year 2012 was
$127.7 million or $1.40 per diluted share compared with Non-GAAP net income of
$109.2 million or $1.20 per diluted share in the same period last year.
Revenue for 2012 was $1.12 billion, up 12.2% over 2011. On a constant currency
basis, revenue increased 14.0% for the full year 2012.
Gross profit for 2012 was $608.0 million, or 54.1% as a percentage of sales,
compared with $536.4 million, or 53.6% as a percentage of sales in the same
period last year. SG&A increased 13.7% to $460.4 million compared with $404.8
million a year ago. As a percentage of sales, SG&A was 41.0% compared with
40.4% for the full year 2011.
Operating income for the full year 2012 was $146.2 million compared with
$131.1 million in the prior year.
Full Year Revenue Results
The following tables detail the company’s full year 2012 and 2011 revenues:
Twelve Months Ended
December 31, Change Constant Currency
Change^(1)
($ thousands) 2012 2011 $ % $ %
Channel
revenues:
Wholesale:
Americas $ 235,988 $ 214,062 $ 21,926 10.2 % $ 25,920 12.1 %
Asia 298,350 259,104 39,246 15.1 38,984 15.0
Europe 110,947 124,995 (14,048 ) (11.2 ) (5,168 ) (4.1 )
Other businesses 574 191 383 200.5 406 212.4
Total Wholesale 645,859 598,352 47,507 7.9 60,142 10.1
Consumer-direct:
Retail
Americas 196,711 174,840 21,871 12.5 22,691 13.0
Asia 143,062 111,650 31,412 28.1 32,543 29.1
Europe 35,052 20,167 14,885 73.8 16,093 79.8
Total Retail 374,825 306,657 68,168 22.2 71,327 23.3
Internet
Americas 63,153 59,175 3,978 6.7 4,069 6.9
Asia 15,999 11,012 4,987 45.3 5,049 45.8
Europe 23,465 25,707 (2,242 ) (8.7 ) (163 ) (0.6 )
Total Internet 102,617 95,894 6,723 7.0 8,955 9.3
Total Revenues $ 1,123,301 $ 1,000,903 $ 122,398 12.2 % $ 140,424 14.0 %
Twelve Months Ended
December 31, Change Constant Currency
Change^(1)
($ thousands) 2012 2011 $ % $ %
Regional
Revenue:
Americas $ 495,852 $ 448,077 $ 47,775 10.7 % $ 52,680 11.8 %
Asia 457,411 381,766 75,644 19.8 76,576 20.1
Europe 169,464 170,869 (1,404 ) (0.8 ) 10,762 6.3
Other businesses 574 191 383 200.5 406 212.4
Total Revenues $ 1,123,301 $ 1,000,903 $ 122,398 12.2 % $ 140,424 14.0 %
^(1) Current period results have been restated using 2011 average foreign exchange rates for the
comparative period to enhance the visibility of the underlying business trends excluding the impact of
foreign currency exchange rate fluctuations.
Fourth Quarter Results
For fourth quarter 2012, the company had a net loss of $3.6 million or $0.04
per diluted share, compared with net income of $5.6 million or $0.06 per
diluted share in the prior year period. Fourth quarter 2012 results included
non-cash expenses of $5.9 million for contingency accruals, which adversely
impacted selling, general and administrative (SG&A) expenses by $2.2 million
and cost of goods sold by $3.7 million. In addition, in the 2012 period, the
company had total expenses of $1.5 million relating to its implementation of a
new ERP system including non-cash accelerated depreciation and cash expenses
for program management, training and other non-capitalized costs. Adjusting
for these non-operating items, the company had Non-GAAP net income of $3.8
million in the quarter or $0.04 per diluted share.
“For the fourth quarter we are pleased with our 11 percent constant currency
revenue growth which was ahead of our prior guidance, and our $3.8 million net
income, after adjustments,” said John McCarvel. “We saw good reception of our
fall holiday products during the season and we continued to position the brand
for greater success in the back half of the year. For the quarter we saw gross
margins after adjustments for special items in line with the prior year.”
Revenue for the fourth quarter of 2012 increased 10.4% to $225.0 million
compared with revenue of $203.7 million reported in the fourth quarter of
2011. On a constant currency basis revenue increased 10.9% for the fourth
quarter of 2012.
Gross profit for the fourth quarter of 2012 was $106.4 million, or 47.3% as a
percentage of sales, compared with $99.8 million, or 49.0% as a percentage of
sales in the same period last year. Gross Margins in the fourth quarter of
2012 were negatively impacted by the aforementioned $3.7 million contingency
accrual.
Fourth Quarter Revenue Results
The following tables detail the company’s fourth quarter 2012 and 2011
revenues:
Three Months Ended
December 31, Change Constant Currency
Change^(1)
($ thousands) 2012 2011 $ % $ %
Channel
revenues:
Wholesale:
Americas $ 48,118 $ 41,209 $ 6,909 16.8 % $ 7,725 18.7 %
Asia 48,859 47,370 1,489 3.1 1,693 3.6
Europe 13,174 15,389 (2,215 ) (14.4 ) (1,800 ) (11.7 )
Other businesses 241 88 153 173.9 156 177.4
Total Wholesale 110,392 104,056 6,336 6.1 7,774 7.4
Consumer-direct:
Retail
Americas 47,415 43,436 3,979 9.2 4,122 9.5
Asia 32,296 26,349 5,947 22.6 5,623 21.3
Europe 9,894 4,334 5,560 128.3 5,054 116.6
Total Retail 89,605 74,119 15,486 20.9 14,799 20.0
Internet
Americas 16,453 18,979 (2,526 ) (13.3 ) (2,514 ) (13.2 )
Asia 3,680 2,340 1,340 57.3 1,366 58.4
Europe 4,862 4,219 643 15.2 812 19.2
Total Internet 24,995 25,538 (543 ) (2.1 ) (336 ) (1.3 )
Total Revenues $ 224,992 $ 203,713 $ 21,279 10.4 % $ 22,237 10.9 %
Three Months Ended
December 31, Change Constant Currency
Change^(1)
($ thousands) 2012 2011 $ % $ %
Regional
Revenue:
Americas $ 111,986 $ 103,624 $ 8,362 8.1 % $ 9,333 9.0 %
Asia 84,835 76,059 8,776 11.5 8,682 11.4
Europe 27,930 23,942 3,988 16.7 4,066 17.0
Other businesses 241 88 153 173.9 156 177.4
Total Revenues $ 224,992 $ 203,713 $ 21,279 10.4 % $ 22,237 10.9 %
^(1) Current period results have been restated using 2011 average foreign exchange rates for the
comparative period to enhance the visibility of the underlying business trends excluding the impact
of foreign currency exchange rate fluctuations.
Other Financial Information
Comparable Store Sales Results^2
Comparable store sales on a constant currency basis for the fourth quarter of
2012 compared to the fourth quarter 2011 were as follows: Global decreased
3.5%, Americas decreased 0.9%, Asia decreased 8.5% and Europe decreased 2.3%.
Comparable store sales on a constant currency basis for the full year 2012
compared with the full year 2011 were as follows: Global increased 1.5%,
Americas increased 2.6%, Asia decreased 1.0% and Europe increased 5.4%.
Balance Sheet
Cash and cash equivalents at December 31, 2012 increased 14.2% to $294.3
million compared with $257.6 million at December 31, 2011. During the fourth
quarter of 2012 we repurchased 1.9 million shares of common stock for an
aggregate of approximately $25.0 million in cash. Inventories at December 31,
2012 were $164.8 million, up 27.1% compared with inventories at December 31,
2011 of $129.6 million. The year over year increase in inventory levels was
partially driven by a terms and conditions change with our factories, which
added $12.5 million of additional inventory commitments that were not owned as
of December 31, 2011. Inventory levels also reflect the 24.9% increase in
retail store locations in the full year 2012 compared with the prior year and
the need for additional inventory for the 35 to 40 new store openings planned
for the first quarter of 2013.
Backlog
Spring/summer backlog at December 31, 2012 increased 15.3% to $354.3 million
compared with backlog of $307.4 million at December 31, 2011.
ERP System Implementation
In October 2012, we began the implementation of a new ERP system that is
expected to launch in the first half of 2014. The introduction of this new ERP
system to our current environment will allow for seamless, high-quality, and
compliant data across the Company. We expect that the ERP system
implementation will reduce earnings per diluted share by $0.08 - $0.10 in the
full year 2013.
Financial Outlook
“As we look out into 2013, the strength of our backlog and our increased
retail presence around the globe gives us confidence that our first half
revenue growth will be approximately 13 to 15 percent and our initial
expectations are for slightly better growth in the second half of 2013
compared with the second half of 2012,” said John McCarvel.
For the first quarter of 2013, the company expects revenue between $305
million and $310 million and diluted earnings per share between $0.32 and
$0.34. This outlook includes $0.02 per diluted share of ERP implementation
expense.
Conference Call Information
A conference call to discuss Crocs’ 2012 fourth quarter and full year
financial results is scheduled for today (February 20, 2013) at 5:00 PM
Eastern Time. A webcast of the call will take place simultaneously and can be
accessed by clicking the ‘Investor Relations’ link under the Company section
on www.crocs.com and at www.earnings.com. An audio replay of the webcast will
be available on the Crocs website for one year.
Interested parties are advised to log on to the live webcast at least fifteen
minutes prior to the call in order to download the necessary software.
About Crocs, Inc.
Crocs, Inc. is a world leader in innovative casual footwear for men, women and
children. Crocs offers several distinct shoe collections with more than 300
four-season footwear styles. All Crocs™ shoes feature Croslite™ material, a
proprietary, revolutionary technology that gives each pair of shoes the soft,
comfortable, lightweight, non-marking and odor-resistant qualities that Crocs
fans know and love. Crocs fans “Get Crocs Inside” every pair of shoes, from
the iconic clog to new sneakers, sandals, boots and heels. Since its inception
in 2002, Crocs has sold more than 200 million pairs of shoes in more than 90
countries around the world.
Visit www.crocs.com for additional information.
The matters regarding the future discussed in this news release include
“forward-looking statements” within the meaning of the Private Securities
Litigation Reform Act of 1995. These statements include, but are not limited
to, statements regarding future revenue and earnings, backlog, future orders,
prospects and product pipeline. These statements involve known and unknown
risks, uncertainties and other factors which may cause our actual results,
performance or achievements to be materially different from any future
results, performances, or achievements expressed or implied by the
forward-looking statements. These risks and uncertainties include, but are not
limited to, the following: macroeconomic issues, including, but not limited
to, the current global financial conditions; the effect of competition in our
industry; our ability to effectively manage our future growth or declines in
revenue; changing fashion trends; our ability to maintain and expand revenues
and gross margin; our ability to accurately forecast consumer demand for our
products; our ability to develop and sell new products; our ability to obtain
and protect intellectual property rights; the effect of potential adverse
currency exchange rate fluctuations and other international operating risks;
our ability to open and operate additional retail locations; and other factors
described in our most recent annual report on Form 10-K under the heading
“Risk Factors” and our subsequent filings with the Securities and Exchange
Commission. Readers are encouraged to review that section and all other
disclosures appearing in our filings with the Securities and Exchange
Commission.
All information in this document speaks as of February 20, 2013. We do not
undertake any obligation to update publicly any forward-looking statements,
including, without limitation, any estimate regarding revenues or earnings,
whether as a result of the receipt of new information, future events, or
otherwise.
CROCS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
FOR THE THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2012 AND 2011
(In thousands, except share and per share amounts)
Three Months Ended Twelve Months Ended
December 31, December 31,
($ thousands,
except per 2012 2011 2012 2011
share data)
Revenues $ 224,992 $ 203,713 $ 1,123,301 $ 1,000,903
Cost of sales 118,642 103,902 515,324 464,493
Gross profit 106,350 99,811 607,977 536,410
Selling,
general and 110,656 95,034 460,393 404,803
administrative
expenses
Asset 591 1 1,410 528
impairment
Income (loss)
from (4,897 ) 4,776 146,174 131,079
operations
Foreign
currency
transaction (170 ) (1,639 ) 2,500 (4,886 )
(gains)
losses, net
Other income, (964 ) (901 ) (2,711 ) (1,578 )
net
Interest 281 220 837 853
expense
Income (loss)
before income (4,044 ) 7,096 145,548 136,690
taxes
Income tax
expense (437 ) 1,525 14,205 23,902
(benefit)
Net income $ (3,607 ) $ 5,571 $ 131,343 $ 112,788
(loss)
Net income
(loss) per
common share:
Basic $ (0.04 ) $ 0.06 $ 1.46 $ 1.27
Diluted $ (0.04 ) $ 0.06 $ 1.44 $ 1.24
CROCS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
AS OF DECEMBER 31, 2012 AND DECEMBER 31, 2011
(In thousands, except share and per share amounts)
December 31,
($ thousands, except number of shares) 2012 2011
ASSETS
Current assets:
Cash and cash equivalents $ 294,348 $ 257,587
Accounts receivable, net of allowances of 92,278 84,760
$13,315 and $15,508, respectively
Inventories 164,804 129,627
Deferred tax assets, net 6,284 7,047
Income tax receivable 5,613 5,828
Other receivables 24,821 20,295
Prepaid expenses and other current assets 24,967 20,199
Total current assets 613,115 525,343
Property and equipment, net 82,241 67,684
Intangible assets, net 59,931 48,641
Deferred tax assets, net 34,112 30,375
Other assets 40,239 23,410
Total assets $ 829,638 $ 695,453
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable $ 63,976 $ 66,517
Accrued expenses and other current 81,371 76,506
liabilities
Deferred tax liabilities, net 2,405 2,889
Income taxes payable 8,205 8,273
Current portion of bank borrowings and 2,039 1,118
capital lease obligations
Total current liabilities 157,996 155,303
Long term income tax payable 36,343 41,665
Long-term debt 4,596 -
Other liabilities 13,361 6,705
Total liabilities 212,238 203,673
Commitments and contingencies
Stockholders’ equity:
Preferred shares, par value $0.001 per
share, 5,000,000 shares authorized, none - -
outstanding
Common shares, par value $0.001 per share,
250,000,000 shares authorized, 91,047,297
and 88,662,845 shares issued and
outstanding, respectively, at December 31, 91 90
2012 and 90,306,432 and 89,807,146 shares
issued and outstanding, respectively, at
December 31, 2011
Treasury stock, at cost, 2,384,452 and (44,214 ) (19,759 )
499,286 shares, respectively
Additional paid-in capital 307,823 293,959
Retained earnings 334,012 202,669
Accumulated other comprehensive income 19,688 14,821
Total stockholders’ equity 617,400 491,780
Total liabilities and stockholders’ equity $ 829,638 $ 695,453
CROCS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2012 AND 2011
(In thousands)
Three Months Ended December Twelve Months Ended December
31, 31,
($ thousands) 2012 2011 2012 2011
Cash flows from
operating activities:
Net income $ (3,607 ) $ 5,571 $ 131,343 $ 112,788
Adjustments to
reconcile net income
to net cash provided
by operating
activities:
Depreciation and 9,879 8,474 36,694 37,263
amortization
Unrealized (gain)
loss on foreign 8,398 (951 ) 13,928 (11,892 )
exchange, net
Deferred income taxes (2,981 ) (819 ) (2,981 ) (819 )
Charitable 252 123 1,743 2,034
contributions
Provision for
(recovery of) 547 (129 ) 2,166 (383 )
doubtful accounts,
net
Share-based 2,350 2,112 11,321 8,550
compensation
Other non-cash items 725 268 1,392 339
Changes in operating
assets and
liabilities:
Accounts receivable 25,093 8,991 (9,475 ) (23,278 )
Inventories 21,687 20,543 (35,493 ) (13,328 )
Prepaid expenses and (5,778 ) (1,908 ) (25,715 ) (17,598 )
other assets
Accounts payable (6,520 ) 5,763 99 30,314
Accrued expenses and (18,833 ) 2,871 8,016 19,922
other liabilities
Accrued restructuring - (439 ) - (439 )
Income taxes (10,201 ) (1,455 ) (4,907 ) (1,097 )
Cash provided by 21,011 49,015 128,131 142,376
operating activities
Cash flows from
investing activities:
Cash paid for
purchases of property (13,896 ) (6,555 ) (39,762 ) (27,718 )
and equipment
Proceeds from
disposal of property 1,361 102 2,216 319
and equipment
Cash paid for (6,820 ) (2,488 ) (21,074 ) (13,922 )
intangible assets
Business
acquisitions, net of (17 ) - (5,169 ) -
cash
Restricted cash (296 ) 168 (2,154 ) (343 )
Cash (used in) (19,668 ) (8,773 ) (65,943 ) (41,664 )
investing activities
Cash flows from
financing activities:
Proceeds from bank 6,581 49,072 96,086 316,595
borrowings
Repayment of bank
borrowings and 516 (48,794 ) (90,101 ) (317,704 )
capital lease
obligations
Deferred debt (524 ) (398 ) (524 ) (398 )
issuance costs
Issuances of common 348 1,104 3,706 10,914
stock
Purchase of treasury (25,074 ) - (25,074 ) -
stock
Repurchase of common
stock for tax - (490 ) (493 ) (490 )
withholding
Cash provided by (18,153 ) 494 (16,400 ) 8,917
financing activities
Effect of exchange (3,906 ) (3,537 ) (9,027 ) 2,375
rate changes on cash
Net increase in cash (20,716 ) 37,199 36,761 112,004
and cash equivalents
Cash and cash
equivalents—beginning 315,064 220,388 257,587 145,583
of quarter/year
Cash and cash
equivalents—end of $ 294,348 $ 257,587 $ 294,348 $ 257,587
quarter/year
Supplemental
disclosure of cash
flow information—cash
paid during the year
for:
Interest $ 77 $ 156 $ 619 $ 843
Income taxes $ 12,448 $ 5,218 $ 29,385 $ 26,632
Supplemental
disclosure of
non-cash, investing,
and financing
activities:
Assets acquired under $ - $ - $ 34 $ -
capitalized leases
Accrued purchases of
property and $ 2,368 $ 4,022 $ 2,368 $ 4,022
equipment
Accrued purchases of $ 768 $ 223 $ 768 $ 223
intangibles
CROCS, INC. AND SUBSIDIARIES
UNAUDITED NON-GAAP NET INCOME RECONCILIATIONS
FOR THE THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2012 AND 2011
(In thousands)
The Company prepares and reports its financial statements in accordance with
U.S. Generally Accepted Accounting Principles (“GAAP”). Internally, management
monitors the operating performance of its business using the non-GAAP metrics
constant currency and Non-GAAP net income. Constant currency excludes the
effects of foreign exchange rate fluctuations by restating current period
results using the prior year average exchange rates. Non-GAAP net income
excludes the impact of new enterprise resource planning system ("ERP")
implementation expenses, non-recurring tax benefits, the accelerated
depreciation and amortization of our current ERP system and certain legal and
other contingency accruals. In management’s opinion, these non-GAAP measures
are used by, and are useful to, investors and other users of our financial
statements in evaluating operating performance by providing better
comparability between reporting periods because they exclude items that may
not be indicative of overall business trends and provide a better baseline for
analyzing trends in our operations. The Company does not, nor does it suggest
that investors should, consider such non-GAAP financial measures in isolation
from, or as a substitute for, financial information prepared in accordance
with GAAP. The Company believes the disclosure of the effects of these items
increases the reader’s understanding of the underlying performance of the
business and that such non-GAAP financial measures provide investors with an
additional tool to evaluate our financial results and assess our prospects for
future performance.
The following is a reconciliation of our net income, the most directly
comparable U.S. GAAP measure, to Non-GAAP net income:
Three Months Ended Twelve Months Ended
December 31, December 31,
2012 2011 2012 2011
GAAP Net income $ (3,607 ) $ 5,571 $ 131,343 $ 112,788
(loss)
New ERP
implementation 870 - 870 -
^(1)
Contingency 5,904 - 5,904 -
accruals ^(2)
Depreciation
and 648 - 903 -
amortization
^(3)
Non-GAAP net
income before $ 3,815 $ 5,571 $ 139,020 $ 112,788
income taxes
Income tax - - (11,368 ) (3,634 )
(benefit) ^(4)
Non-GAAP net $ 3,815 $ 5,571 $ 127,652 $ 109,154
income
Non-GAAP net
income per $ 0.04 $ 0.06 $ 1.40 $ 1.20
diluted share
^(1) This proforma adjustment in the GAAP to Non-GAAP reconciliations above
represents expenses related to the implementation of a new ERP system.
^(2) This proforma adjustment in the GAAP to Non-GAAP reconciliations above
represents contingency accruals of which $2.2 million was recorded in selling,
general and administrative expenses and $3.7 million was recorded in cost of
sales.
^(3) The proforma adjustments in this GAAP to Non-GAAP reconciliation
represent the add-back of accelerated depreciation and amortization on
tangible and intangible items related to our current ERP system and supporting
platforms that will no longer be utilized once the implementation of the SAP
ERP is complete.
^(4) The proforma adjustments in this GAAP to Non-GAAP reconciliation
represent the add-back of certain one-time income tax benefits. The year-ended
2012 includes a one-time tax benefit of $11.4 million related to the reversal
of certain tax positions and the release of certain valuation allowances
associated with deferred tax assets. The year-ended 2011 includes a one-time
tax benefit of $3.6 million related to a change in the international tax
structure.
CROCS, INC. AND SUBSIDIARIES
RETAIL STORE COUNTS
December December
31, 31,
Company-operated retail 2012 Opened Closed 2011
locations:
Geography:
Americas 199 44 (42) 197
Asia 241 94 (51) 198
Europe 97 63 (1) 35
Total company-operated 537 201 (94) 430
retail locations
Type:
Kiosk / Store in Store 121 39 (76) 158
Retail stores 287 120 (13) 180
Outlet stores 129 42 (5) 92
Total company-operated 537 201 (94) 430
retail locations
^1 Non-GAAP net income is a financial measure not calculated in accordance
with U.S. Generally Accepted Accounting Principles (non-GAAP). See the
non-GAAP reconciliations set forth later in this press release for additional
information.
^2 Comparable store status is determined on a monthly basis. Comparable store
sales begin in the thirteen month of a store's operation. Stores in which
selling square footage has changed more than 15% as a result of a remodel,
expansion or reduction are excluded until the thirteenth month they have
comparable prior year sales. Temporarily closed stores are excluded from the
comparable store sales calculation during the month of closure. Locations
closures in excess of three months are excluded until the thirteen month post
re-opening.
Contact:
Crocs Inc.
Investors:
William I. Kent, 303-848-7000
wkent@crocs.com
or
Media:
Katy Lachky, 303-848-7000
klachky@crocs.com
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