Crocs Q1 revenues decline, announces management reshuffle

Crocs for the first quarter ended March 31, 2015 reported GAAP revenue of 262.2 million dollars. On a constant currency basis, revenue decreased 8 percent as compared to the prior year. Net loss attributable to common stockholders on a GAAP basis was 0.08 dollar per diluted share for the first quarter. The company reported non-GAAP adjusted net income attributable to common shareholders of 4.7 million dollars.

Commenting on the first quarter results, Gregg Ribatt, Chief Executive Officer, said, “Our business continues to stabilize around the globe and we believe the strategy the company outlined last July is positioning Crocs for sustained success in the future. We are confident that our initiatives are laying the foundation to position the company for sustained growth in the future."

“The balance of our business continues to stabilize across all of our regions while we address the continuing challenges of the stronger US dollar, our China business and the impact of the slowdown at the US ports. As our business continues to stabilize, we expect Q2 revenue in the 340 dollars to 350 million dollars range, showing slight growth excluding the impacts of our China business and store closings and discontinued product lines," added Ribatt.

The company also announced that the Crocs' Chief Operating Officer, Scott Crutchfield, is leaving the company. In conjunction with Crutchfield's departure, the company is making a series of senior level organizational changes that include the elimination of the Chief Operating Officer and the SVP of Global Supply Chain roles.

Phil Blake is joining the company as SVP of Global Sourcing. Blake previously served as the VP of Sourcing at Clarks Americas, SVP of Sourcing at Collective Brands Performance & Lifestyle Group and VP of Manufacturing at Timberland. Dennis Sheldon, an 8-year Crocs veteran, has been promoted to SVP of Global Distribution & Logistics. Sheldon most recently led Crocs SAP initiative. Prior to that he served as the company's VP of Distribution & Logistics. Both Blake and Sheldon will report directly to CEO Gregg Ribatt.