(RTTNews) - While reporting financial results for the third quarter on Wednesday, casual footwear maker Crocs, Inc. (CROX) raised its revenue growth guidance for the full-year 2019, based on the strength of its recent performance and start to the fourth quarter. It also initiated revenues guidance for the fourth quarter and for the full-year 2020.
For fiscal 2019, the company now projects revenues to grow in a range of 11 to 12 percent over 2018 revenues of $1.09 billion, up from the prior growth guidance range of 9 to 11 percent. This is expected to result in record annual sales.
The company said it now expects 2019 revenues to be negatively impacted by approximately $28 million of currency changes and approximately $20 million resulting from store closures.
On average, analysts polled by Thomson Reuters expect the company to report revenue growth of 10.4 percent to $1.20 billion for the year.
For the fourth quarter, revenues are projected to be between $245 and $255 million, while Analysts expect revenues of $244.03 million.
Looking ahead to fiscal 2020, The Crocs brand momentum continues to gain pace, and it anticipates revenue growth over 2019 of 12 to 14 percent. This estimate assumes that currency will negatively impact results by approximately $10 million. The Street is currently looking for revenue growth of 6.2 percent to $1.28 billion for the year.