Sharp drop in wholesale revenues at Crocs
Crocs Inc. has reported lower revenues for the fourth quarter and year ended December 31.
Revenues for the three-month period fell 44% to $126.1 million compared with $224.8 million in the same period in 2007. Revenues for the year fell 14.8% to $721.6 million compared with $847.4 million for the previous year.
During the year, Asian revenues rose 22.4% to $204.9 million. However, European revenues dropped 16.2% to $150.7 million and revenues from the Americas fell 26.9% to $366 million.
Meanwhile, retail revenues rose 68.7% to $125.8 million in 2008 and revenues from internet sales increased 28.9% to $43.7 million. Despite this, revenues generated from wholesale sales fell 25.3% to $552.1 million.
The company reported a net loss of $33.2 million for the three-month period compared with net income of $38.3 million for the same period in 2007. It reported a net loss of $183.6 million for the year compared with net income of $168.2 million for the year ended December 31, 2007.
Gross profit for the quarter was $56 million or 44.4% of revenues, compared with $125.8 million or 56% of revenues for the prior-year period. Gross profit for the year was $234 million or 32.4% of revenues, compared with $497.6 million or 58.7% of revenues in 2007.
