Crocs Will Restructure Management, Close Stores in 2017
Net loss narrowed by 40% to $44,482,000 from a loss of $73,942,000 in Q4 as the company worked to downsize its inventory in the seasonally small quarter, on sales that declined 10% to $187,417,000 from $208,678,000. The sales decline reflected $4.4 million in negative exchange rate effects. Wholesale sales dropped 10% due to an intentional pullback from the discount channel, the closure of the South African subsidiary, and slower at once orders as retailers destocked. Direct sales also dropped 10% with negative 7.7% comp store sales, resulting from traffic that declined high-single digits in the Americas and double digits in ... Log in to view full article.