NEW YORK (AP) — Shares of Crocs surged Tuesday as the footwear company's second-quarter performance topped analysts' expectations.
Crocs Inc. also detailed a restructuring plan that includes cutting 183 jobs, closing or converting about 75 to 100 stores globally and streamlining its product portfolio. The Niwot, Colorado, company anticipates the job cuts will result in $4 million in cost savings this year and $10 million in savings in 2015.
For the three months ended June 30, Crocs earned $19.5 million, or 19 cents per share. A year earlier it earned $35.4 million, or 40 cents per share.
Excluding certain items, earnings were 36 cents per share in the latest quarter. Analysts surveyed by FactSet predicted earnings of 31 cents per share.
Revenue rose 4 percent to $376.9 million from $363.8 million. Analysts expected revenue of $372.9 million.
Crocs expects third-quarter revenue of approximately $300 million to $305 million. Wall Street expects $300.9 million.
The company's stock rose $1.49, or 10 percent, to $16.33 in morning trading. The shares have declined 6.8 percent since the start of the year.
Original headline: Crocs rises on solid performance in 2nd quarter
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