UPDATE: Crocs Posts Q4 Loss, Shares Tumble

Shares of

dipped more than 5% in the after-hours trading session after the company reported a loss for the fourth quarter. The Niwot, Colorado-based company posted a quarterly GAAP net loss of $56.9 million, or $0.70 per share, versus a year-ago net loss of $66.9 million, or $0.76 per share. Excluding items, Crocs posted a non-GAAP adjusted net loss of $30.0 million for the fourth quarter, versus a non-GAAP adjusted net loss of $17.7 million in the year-ago quarter. Its revenue slipped 9.7% to $206.5 million, while revenue on a constant currency basis dropped 5%. However, analysts were expecting a loss of $0.31 per share on revenue of $203.24 million. At December 31, 2014, cash and cash equivalents totaled $267.5 million. At the end of 2014, inventory was $171.0 million, versus $162.3 million at December 31, 2013. In the fourth quarter, Crocs repurchased 4.5 million shares at an average price of $12.38. Gregg Ribatt, Chief Executive Officer, said, "We delivered fourth quarter sales in line with expectations. Our business was essentially flat to last year, on a constant currency basis across all regions including the Americas, Europe, Japan and Asia with the exception of Latin America and China. We believe the strategy the company outlined last July will position Crocs for sustained success in the future." Crocs expects Q1 revenue to drop 10% to 12% on a constant currency basis to a range of $260 to $265 million. Analysts had projected revenue of $292.17 million. Crocs shares slipped 5.80% to $10.07 in after-hours trading.