Shares of Crocs (Nasdaq: CROX) are trading higher Wednesday
afternoon heading into the clog-maker's first-quarter 2012 report,
expected out after the market closes. Crocs will be holding a
webcast of the event at 5:00pm EDT following the release. To go to
(note: you will need to submit some info to access the event).
The Street is currently looking for Crocs to report EPS of 26 cents
on revs of $266.74 million, from EPS of 24 cents on revs of $226.7
million reported in the same period last year. Crocs has bested
views over the last six quarters by an average of 30 percent.
For the upcoming quarter, Crocs guided for EPS of 24 cents to 26
cents and revenue of $263 million to $268 million.
Shares of Crocs gained 42 percent through the quarter to $20.92 at
the end of March. Crocs ended 2011 down about 13.7 percent.
Currently, Bloomberg data shows seven analysts with a Buy rating on
Crox, two at hold, and one with a Sell. The analyst price target
average is $26, which ranges from $21 to $30. Shares of Crocs have
traded within the range of $14.20 to $32.47 over the last year.
Into results, Wedbush sees EPS of 26 cents or better. The firm
alludes to improving industry metrics from Crocs' point-of-sale
data through March. Direct-to-customer sales likely benefited from
mailers, of which mini-catalogs were sent to about 1.7 million
households containing a $10 off coupon for purchases of $75 or
more. Wedbush indicated that conversion rates on those mailings
Warmer weather and new management in Europe should aid in better
at-once orders in the region. The firm commented, "Several mass
European retailers have recently released 1Q sales results ahead of
expectations, with the exception of Marks & Spencer, which
acknowledged that it had purchased inventories too lean in apparel
and footwear, suggesting to us that demand in these categories
remains solid in the region."
In terms of post-EPS movement, Wedbush notes a slight increase in
short interest on Crocs, potentially setting up for more upside on
in-line or better results.
Stay tuned to StreetInsider.com's
section to see our analysis of the highly-anticipated quarterly
results within seconds of their release. You can also check out
Crocs' past performance at Streetinsider's
Crocs' Income Statement