Crocs (CROX) Stock Falls on Earnings Miss
NEW YORK (TheStreet) -- Crocs (CROX) - Get Report stock is declining 3.71% to $10.44 on heavy trading volume on Thursday afternoon after the company reported financial results that missed estimates for the 2015 third quarter.
Before the market open today, the shoe company reported a loss of 37 cents per share, missing estimates of earnings of 9 cents per share.
Revenue fell 9.4% year-over year to $274.09 million for the quarter, falling short of estimates of $276.92 million.
Revenue was down across all segments, with the Americas revenue dropping 2.2%, Asia Pacific revenue declining 13.1% and Europe revenue decreasing 17.4%.
"We delivered third quarter sales in line with our revised expectations reflecting challenges in China and currency," CEO Gregg Ribatt said in a statement. "Our China business is undergoing changes as we transition away from under-performing distributors."
So far today, 2.74 million shares of Crocs have exchanged hands, compared with its average daily volume of 1.31 million shares.
Separately, TheStreet Ratings team rates CROCS INC as a Hold with a ratings score of C-. TheStreet Ratings Team has this to say about their recommendation:
We rate CROCS INC (CROX) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, disappointing return on equity and weak operating cash flow.
You can view the full analysis from the report here: CROX
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