April 23, 2020 / 11:52 AM / a month ago

BRIEF-Crocs Reports Q1 Earnings Per Share Of $0.16

April 23 (Reuters) - Crocs Inc:

* Q1 EARNINGS PER SHARE $0.16

* Q1 EARNINGS PER SHARE ESTIMATE $0.36 — REFINITIV IBES DATA

* Q1 ADJUSTED EARNINGS PER SHARE $0.22 EXCLUDING ITEMS

* Q1 REVENUE $281.2 MILLION VERSUS REFINITIV IBES ESTIMATE OF $295.3 MILLION

* QTRLY AMERICAS REVENUES INCREASED 14.4% AND E-COMMERCE REVENUES ROSE 15.8% FROM Q1 2019

* CROCS- AT THIS TIME, CO ESTIMATES THAT STORES WILL BEGIN TO OPEN IN STAGES OVER COMING MONTHS

* CROCS- EXPECT REVENUE DECLINES TO CONTINUE IN RETAIL AND WHOLESALE CHANNELS AS “SOCIAL DISTANCING” PRACTICES REMAIN IN EFFECT

* CROCS- EXPECT LARGER DECLINE IN REVENUES IN Q2, AS MAJORITY OF RETAIL AND PARTNER STORES MAY BE CLOSED FOR THE WHOLE PERIOD

* CROCS- BEGINNING TO SEE SOME RECOVERY IN STORE TRAFFIC AND SALES IN CHINA AND KOREA WHERE ALMOST ALL STORES ARE NOW OPEN

* CROCS- SEEING DECLINES IN JAPAN, INDIA, AND MUCH OF SOUTHEAST ASIA, AREAS THAT HAVE BEEN IMPACTED BY A SECOND WAVE OF THE VIRUS

* CROCS- COMPENSATION FOR BOARD AND SENIOR LEADERSHIP HAS BEEN SIGNIFICANTLY REDUCED FOR THE FORESEEABLE FUTURE TO ENHANCE LIQUIDITY

* CROCS- TEMPORARILY FURLOUGHED RETAIL EMPLOYEES BUT HAVE RETAINED STORE MANAGERS AND ASSISTANT STORE MANAGERS, ALBEIT WITH REDUCED HRS IN NORTH AMERICA

* CROCS- ACROSS CO FOR 2020, CO REDUCED HIRING, SUSPENDED ANNUAL INCREASES, MARKET ADJUSTMENTS, PROMOTIONS THAT WERE SCHEDULED TO GO INTO EFFECT IN 2020

* CROCS- SG&A EXPENSES FOR 2020 NOW EXPECTED TO BE BETWEEN $440 AND $460 MILLION, WHICH IS ABOUT $30 TO $50 MILLION LOWER THAN PRIOR YEAR

* CROCS- CAPITAL EXPENDITURES FOR 2020 ARE EXPECTED TO BE APPROXIMATELY $30 MILLION Source text for Eikon: Further company coverage:

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