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.

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