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Crocs Rocks Wall Street's Socks Off
Crocs soars after a blowout financial update.
An investment in Crocs (NASDAQ: CROX) is starting to feel like a pair of its signature shoes: There may still be holes in the business model, but comfort is winning over polarizing fashion aesthetics. Shares of the resin-footwear maker jumped at the open on Thursday after the company posted better-than-expected results.
The numbers may not seem great at first glance. Consolidated revenue rose a mere 3% -- or 4% on a currency-adjusted basis -- for the holiday quarter. Adjusted net income took a 2% step back. However, earlier guidance and analyst expectations were far worse. Wall Street pros were bracing for a 12% slide in adjusted earnings on flat top-line results.
It's not exactly victory-lap material, but it's a sound beat on both ends of the income statement. Crocs' outlook for the year ahead is also promising for a rare shoe stock trading at a single-digit earnings multiple.
