Crocs raises Q4 revenue guidance after 'best fourth quarter in years'

Crocs Inc. shares surged 3.8% in premarket trade Monday, after the maker of casual footwear raised guidance for the fourth quarter and said it was one of the best fourth quarters in years. The company is now expected revenue to range from $211 million to $214 million, up from prior guidance of $195 million to $205 million. "These results clearly demonstrate that consumer demand for clogs and sandals is year-round," Chief Executive Andrew Rees said in a statement. The company is still expecting fourth-quarter gross margins to improve by 80 to 100 basis points over the year-earlier's 45.4%. For the full year, it expects revenue to grow about 6%, versus prior guidance of 4% to 5%. For 2019, it still expects revenue to grow in the mid-single digits. Shares have gained 127.3% in the last 12 months, while the S&P 500 has fallen 6.8%.

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