Crocs’ Q2 revenues up by 12 percentThursday, 26 July 2012
Crocs reported its financial results for the second quarter
ended June 30, 2012. Revenue for the second quarter of 2012 increased 12 percent to $330.9 million, over revenue of $295.6 million reported in the second quarter of 2011. This represents the highest three month revenue level in the company’s history. Net income for the second quarter 2012 was $61.5 million, or $0.68 per diluted share, compared to net income of $55.5 million, or $0.61 per diluted share, in the second quarter of 2011.
Sales growth during the quarter was driven by Asia and Americas which was partially offset by a modest decrease in Europe. Geographically, revenue increased 10.9 percent for the Americas, increased 20.5 percent for Asia and decreased 5.2 percent for Europe.
From a channel perspective, wholesale sales increased 7.3 percent to $188.5 million, over sales of $175.8 million in the second quarter of 2011. Retail sales increased 22.6 percent to $112.5 million, over sales of $91.8 million in the second quarter of 2011. The company ended the quarter with 484 retail store locations, which compares to 397 locations a year ago. Global same store sales for the second quarter of 2012 increased 1.8 percent on a currency neutral basis. Internet sales increased 6.6 percent to $29.9 million, over sales of $28.1 million in the second quarter of 2011.
Gross profit for the second quarter of 2012 increased 15.2 percent to $196.1 million, or 59.3 percent as a percentage of sales, from $170.2 million, or 57.6 percent as a percentage of sales in the same period last year. Cash and cash equivalents at June 30, 2012 increased 54.9 percent to $278.8 million compared to $180 million at June 30, 2011.
For the third quarter of 2012, the company expects revenue of $300 million and diluted earnings per share to be between $0.42 and $0.44.
Celebrating its 10th anniversary in 2012, Crocs is into manufacturing casual footwear for men, women and children. Crocs offers several distinct shoe collections with more than 300 four-season footwear styles.