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    CROX   US2270461096

CROCS, INC.

(CROX)
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Vans sneaker maker VF sales stumble on supply hurdles

10/22/2021 | 11:28am EST
Shoes and backpack of Vans are seen in a shop window in Sao Paulo

(Reuters) -VF Corp missed Wall Street estimates for quarterly results on Friday, as the Vans owner grappled with a resurgence of COVID-19 infections in Vietnam and China and disruptions to its supply chain that led to product delays.

The Delta variant-driven spike in coronavirus cases has shut factories in Vietnam, a key manufacturing hub for several brands including VF, Nike Inc and Adidas AG, forcing them to halt production or operate with drastically fewer workers.

"Virtually all of our brands are experiencing delayed collections, styles and, in some cases, insufficient size assortment," VF's Chief Financial Officer Matt Puckett said on an earnings call.

The Denver-based company's shares were down 3.3% at $71.62 on Friday, as the company said demand for its sneakers and clothing in China also softened due to rising COVID-19 cases.

Revenue from Greater China in the quarter grew only 9%, compared with a 16% rise last year, mainly due to lower demand for the Vans brand.

Results at VF's largest and highest-margin brand Vans were "underwhelming" and "particularly disappointing since the brand should have had a strong back-to-school season", Wedbush analyst Tom Nikic said.

Adding to the company's woes, soaring freight costs, labor shortages and higher prices for raw materials such as cotton and oil have also been pinching the margins of clothing labels.

Last month, Nike flagged product delays for the crucial holiday season due to the supply chain crunch, while Crocs Inc said on Thursday it plans to shift some of its production from Vietnam to China, Indonesia and Bosnia.

Still, VF, which owns Timberland and The North Face brands, maintained its revenue and profit outlook for fiscal 2022, saying the factory closures were chiefly concentrated in southern Vietnam, which accounts for about 10% of its sourcing.

The company reported an adjusted profit of $1.11 per share and revenue of $3.20 billion, both missing Refinitiv IBES estimates.

(Reporting by Deborah Sophia in Bengaluru; Editing by Shinjini Ganguli and Shounak Dasgupta)

By Deborah Mary Sophia


© Reuters 2021
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Analyst Recommendations on CROCS, INC.
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Financials (USD)
Sales 2021 2 285 M - -
Net income 2021 651 M - -
Net Debt 2021 622 M - -
P/E ratio 2021 16,5x
Yield 2021 -
Capitalization 9 922 M 9 922 M -
EV / Sales 2021 4,61x
EV / Sales 2022 3,85x
Nbr of Employees 4 600
Free-Float 55,5%
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Crocs, Inc. Technical Analysis Chart | CROX | US2270461096 | MarketScreener
Technical analysis trends CROCS, INC.
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
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Mean consensus OUTPERFORM
Number of Analysts 8
Last Close Price 168,60 $
Average target price 190,14 $
Spread / Average Target 12,8%
EPS Revisions
Managers and Directors
Andrew Rees Chief Executive Officer & Director
Michelle Poole President
Anne Mehlman Chief Financial Officer & Executive Vice President
Thomas J. Smach Chairman
Michael Feliton Chief Information Officer & Senior Vice President
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