• Home
  • News
  • Business
  • Crocs gets a jolt in China, Q3 revenues decline

Crocs gets a jolt in China, Q3 revenues decline

By Prachi Singh

loading...

Scroll down to read more

Crocs revenue for the third quarter ended September 30, 2015, was 274.1 million dollars. On a constant currency basis, revenue decreased 0.8 percent as compared to the prior year. Net loss attributable to common stockholders on a GAAP basis was 27.8 million dollars or a loss of 0.37 dollar per share.

”We delivered third quarter sales in line with our revised expectations reflecting challenges in China and currency,” said Gregg Ribatt, Chief Executive Officer, adding, “For the third quarter, revenue on a constant currency basis and adjusted for business model changes was up 3.7 percent. Our China business is undergoing changes as we transition away from under-performing distributors.”

“We faced some difficult decisions in China and as a result we increased reserves for doubtful accounts by $19 million at the end of the third quarter. We also held shipments to several of our China distributors, which negatively affected Q3 revenue by 4 million dollars. However, these actions set us up for improved business performance in the future,” Ribatt added.

The company expects Q4 revenue in the 200 to 210 million dollars range compared to 206.5 million dollars last year.

Crocs