Crocs closes 16 stores in Q1; beats expectations

DENVER BUSINESS JOURNAL - Crocs Inc. reported better-than-expected results on Wednesday, exceeding analysts' expectations.

The Niwot shoemaker reported first-quarter net income rose to $7.2 million, or 8 cents a share, from $6.4 million, or 7 cents a share a year earlier. Revenues were $268 million.

Analysts polled by Thomson Reuters First Call expected earnings of 3 cents per share and revenues of $258.1 million.

In the latest quarter, Crocs said it closed 16 company-operated stores. In March, Crocs announced it will close about 160 of its 558 retail stores by the end of 2018, leaving it with about 400 stores.

Read more at the Denver Business Journal: http://bit.ly/2qT1hP6

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