Crocs reports revenues up 19.9%
US footwear brand Crocs has reported financial results for the first quarter ended March 31, 2012. Revenue for the first quarter of 2012 increased 19.9% to $271.8 million, over revenue of $226.7 million reported in the first quarter of 2011. Net income for the first quarter 2012 was $28.3 million compared to net income of $21.5 million in the first quarter of 2011.
Sales growth during the quarter was driven by Asia and Americas which was partially offset by a slight decrease in Europe. Geographically, revenue increased 17.1% for the Americas, increased 40.5% for Asia and decreased 2.7% for Europe.
From a channel perspective, wholesale sales increased 15.9% to $190.7 million, over sales of $164.6 million in the first quarter of 2011. Retail sales increased 33.2% to $60.6 million, over sales of $45.5 million in the first quarter of 2011. The company ended the quarter with 439 retail store locations, which compares to 371 locations a year ago.
Global same store sales for the first quarter of 2012 increased 10.2% during the quarter on a currency neutral basis. For the full year, the company continues to expect to open 80 to 100 net store locations. Internet sales increased 23.3% to $20.5 million, over sales of $16.7 million in the first quarter of 2011.
John McCarvel, president and CEO, stated: “Crocs is off to a strong start for 2012 following our first billion-dollar sales year. Our approximate 20% top-line sales growth in the quarter was broad-based across channels and regions, with only European wholesale performance lagging primarily due to macroeconomic headwinds in the region. Disciplined execution of our multi-channel business strategy and our growing diversity of all-season, all-occasion footwear styles are driving this growth.
“We are pleased to achieve this momentum as we celebrate our 10th year in business. We remain focused on sustainable growth in sales, profits and shareholder value based on the global power of the Crocs brand and our unique comfort message of ‘Crocs Inside’.”
