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Tiffany Montgomery
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Crocs slashes forecast citing slow spending

By Tiffany Montgomery
April 15, 2008 7:33 AM

Crocs Inc. cut its first quarter earnings forecast this week citing slower consumer spending and costs related to a closure of a plant.


"Retailers in general are planning more cautiously," Chief Executive Officer Ron Snyder said in a statement. "In addition, because of our current expense structure, a shortfall in sales versus our expectations disproportionately impacts our earnings results."


Crocs stock was down 39 percent to $10.77 in early morning trading Tuesday.


Ocean Minded TshirtCrocs, which owns San Clemente-based Ocean Minded sandals, will close its Canadian manufacturing plant to consolidate production at lower-cost facilities, which will result in a one-time pretax charge of about $16 million.


Crocs expects results ranging from a loss of 5 cents to break-even, sharply lower than its previous guidance of 46 cents per share, the Associated Press reported. Excluding a charge related to closing its Canadian manufacturing operations, it predicts net income of 8 cents to 13 cents.

Analysts polled by Thomson Financial had predicted a profit of 45 cents per share.


Crocs cuts its first-quarter revenue estimate to $195 million to $200 million, from its previous guidance of $225 million. Analysts had predicted revenue of $223.3 million.


For the fiscal second quarter, Crocs expects diluted earnings per share between 42 cents and 47 cents. Analysts expected a profit of 79 cents per share.


For fiscal 2008, Crocs expects a profit of $1.54 to $1.64 per share, or $1.70 to $1.80 excluding one-time charges. Analysts had predicted a profit of $2.63 per share, the Associated Press reported.


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