Crocs Inc. Reports Net Loss, As Revenue Falls During Third Quarter

Casual footwear company Crocs Inc. reported a net loss of $27.7 million, or a loss of 37 cents per share for the third quarter, compared with income of $12 million, or per-share earnings of 12 cents in the same period a year ago. FactSet's EPS consensus was 10 cents. Revenue for the quarter fell 9% to $274.08 million, compared with $302.4 million in the year-earlier period. The FactSet revenue consensus was $278 million. Chief Executive Gregg Ribatt said the company was hit by challenges from global currencies and macro-level economic conditions in China. "The full impact of our transformation will be seen during the first half of 2016, as we complete the 18-24 month turnaround process that we have been discussing over the past year," Ribatt said in a statement. Shares of Crocs are down 13% in the year to date, underperforming the S&P 500 index, which is up 2%.