Shares of Crocs (CROX) - Get Report traveled higher in trading Thursday after the footwear maker produced second-quarter earnings that topped forecast and issued a full-year revenue outlook stronger than analysts expected.
Crocs shares were up 7% to $24.44.
For the quarter, the Niwot, Colo., company earned 55 cents a share, compared with 35 cents in the year-earlier quarter. Adjusted second-quarter earnings were 59 cents a share vs. 54 cents. Analysts surveyed by FactSet were expecting earnings of 45 cents a share.
On the top line, Crocs took in $358.9 million, up 9.4% from a year earlier. Analysts were looking for revenue of $361 million.
Comparable-store retail sales in the quarter rose 11.8%.
Selling, general and administrative expense in the second quarter declined to 39.4% of revenue from 44% a year earlier.
For the full year, Crocs increased its estimate of revenue growth to a range of 9% to 11% from previous guidance of 5% to 7%. This indicates a top line for 2019 of $1.19 billion to $1.21 billion. Analysts surveyed by FactSet were looking for $1.17 billion.
The company maintained its expectation that currency fluctuations would knock $25 million off full-year revenue and store closings would pare another $20 million.
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