8-K
Crocs, Inc. (CROX)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (date of earliest event reported): January 13, 2020
CROCS, INC.
(Exact name of registrant as specified in its charter)
| Delaware | 0-51754 | 20-2164234 | |
|---|---|---|---|
| (State or other jurisdiction | (Commission File Number) | (I.R.S. Employer | |
| of incorporation) | Identification No.) | ||
| 7477 East Dry Creek Parkway | 80503 | ||
| Niwot, | Colorado | ||
| (Address of principal executive offices) | (Zip Code) |
Registrant’s telephone number, including area code: (303) 848-7000
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class: | Trading symbol: | Name of each exchange on which registered: |
|---|---|---|
| Common Stock, par value $0.001 per share | CROX | The Nasdaq Global Select Market |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.45) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
1
Item 7.01. Regulation FD Disclosure
On January 13, 2020, Crocs, Inc. issued a press release updating its revenue guidance relating to the quarter and year ending December 31, 2019 and announcing its participation in the 2020 Annual ICR Conference. A copy of the press release is furnished as Exhibit 99.1 to this report.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit <br>No. | Description |
|---|---|
| 99.1 | Crocs, Inc. press release dated January 13, 2020 |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| CROCS, INC. | ||
|---|---|---|
| Date: January 13, 2020 | By: | /s/ Anne Mehlman |
| Anne Mehlman | ||
| Executive Vice President and Chief Financial Officer |
2
Exhibit
Exhibit 99.1
| Investor Contact: | Brendon Frey, ICR |
|---|---|
| (203) 682-8216 | |
| Brendon.Frey@icrinc.com | |
| PR Contact: | Melissa Layton, Crocs, Inc. |
| (303) 848-7885 | |
| mlayton@crocs.com |
Crocs, Inc. Raises Fourth Quarter Revenue Guidance
Announces Participation in the 2020 ICR Conference
___________________________________________________________________________
NIWOT, COLORADO — January 13, 2020 — Crocs, Inc. (NASDAQ: CROX), a world leader in innovative casual footwear for men, women and children, today raised its revenue guidance for the fourth quarter ended December 31, 2019 in anticipation of its presentation at the 2020 ICR Conference.
“We delivered the strongest fourth quarter in Crocs’ history,” said Andrew Rees, President and Chief Executive Officer. “Our positive brand momentum allowed us to deliver strong DTC growth combined with excellent wholesale sell through. Our projected fourth quarter results represent a strong finish to a record year and we anticipate building on our 2019 growth trajectory in 2020.”
For the fourth quarter of 2019, the Company now expects revenue to be between $260 and $262 million, up from its previous guidance range of $245 to $255 million and compared to $216.0 million in the fourth quarter of 2018.
With respect to 2019, the Company expects:
| • | Revenues to grow approximately 13% over 2018 revenues of $1,088.2 million. |
|---|---|
| • | Adjusted gross margin to be approximately 51%, excluding non-recurring charges of approximately 100 basis points associated with the Company’s new U.S. distribution center. On a GAAP basis, gross margin is expected to be approximately 50%. |
| --- | --- |
| • | SG&A to be approximately 40% of revenues. |
| --- | --- |
| • | Adjusted operating margin to be approximately 11%, excluding non-recurring charges of approximately 100 basis points associated with the Company’s new U.S. distribution center and certain SG&A costs. On a GAAP basis, operating margin is expected to be approximately 10%. |
| --- | --- |
| • | A tax rate of approximately 12%. |
| --- | --- |
| • | Capital expenditures to be approximately $60 million. |
| --- | --- |
With respect to 2020 revenues, the Company continues to expect 12% to 14% growth over 2019 revenues.
2020 ICR Conference:
Crocs, Inc. will be presenting at the 2020 ICR conference on Tuesday, January 14, 2020 at 11:00 am EST. The presentation will be webcast live and can be accessed on the Crocs website, www.crocs.com, or at http://wsw.com/webcast/icr5/crox, and will remain available through January 14, 2021. The conference is being held at the JW Marriott Grande Lakes in Orlando, Florida.
About Crocs, Inc.:
Crocs, Inc. (Nasdaq:CROX) is a world leader in innovative casual footwear for women, men, and children, combining comfort and style with a value that consumers know and love. Crocs’ proprietary Croslite™ material, a molded footwear technology, is included in the vast majority of Crocs’ collection and delivers extraordinary comfort with each step.
In 2020, Crocs declares that expressing yourself and being comfortable are not mutually exclusive. To learn more about Crocs or our global Come As You Are™ campaign, please visit www.crocs.com or follow @Crocs on Facebook, Instagram and Twitter.
Forward Looking Statements:
This news release includes “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 fourth quarter and full year 2019 financial outlook. 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: current global financial conditions; the effect of competition in our industry; our ability to effectively manage our future growth or declines in revenues; changing consumer preferences; our ability to maintain and expand revenues and gross margin; our ability to accurately forecast consumer demand for our products; our ability to successfully implement our strategic plans; 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; 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 January 13, 2020. We do not undertake any obligation to update publicly any forward-looking statements, including, without limitation, any estimates provided in this release, whether as a result of the receipt of new information, future events, or otherwise.
Category:Investors