Crocs sees $1 billion 2011 revenue
Jan 10 - Shoemaker Crocs Inc (CROX.O) expects fourth-quarter revenue to be at the high end of its earlier estimate, becoming the latest footwear company to flag strong sales numbers for the holiday season.
Shares of Crocs, which have lost 40 percent of their value since the company cut its third-quarter outlook on October 17, 2011, rose 6 percent to $16.88 in trading after the bell.
This week, shoe retailers DSW Inc (DSW.N) and Genesco Inc (GCO.N) raised their profit outlook, helped by strong demand over the holidays.
In December, 2011, Nike (NKE.N) beat Wall Street estimates as shoppers shrugged of higher prices to purchase its products.
Crocs said it expects its annual revenue to surpass $1 billion for the first time when it reports results for the year ended December 31, 2011.
The company now sees its fourth-quarter revenue to be at the high end of its prior estimate of $200 million to $205 million.
Analysts were expecting revenue of $204.5 million, according to Thomson Reuters I/B/E/S.
(Reporting by Chris Jonathan Peters in Bangalore; Editing by Joyjeet Das)
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