Crocs, Inc.’s revenue for the first quarter ended March 31 increased 35.9 percent to $226.7 million compared to revenue of $166.9 million reported in the first quarter of 2010.
Year-over year first quarter changes in the company’s channel revenue streams were as follows:
- Wholesale sales increased 36.9 percent to $164.6 million;
- Retail sales increased 32.5 percent to $45.5 million;
- Internet sales increased 35.3 percent to $16.7 million.
Year-over year first quarter changes in the company’s regional revenue streams were as follows:
- Americas increased 35.0 percent to $100.2 million;
- Asia increased 32.8 percent to $72.6 million;
- Europe increased 42.5 percent to $53.8 million.
Gross profit for the first quarter of 2011 increased 37.5 percent to $119.2 million, or 52.6 percent as a percentage of sales, from $86.7 million, or 52.0 percent of sales in same period last year. Selling, general and administrative expenses (including foreign exchange, restructuring, impairment, and charitable contributions) increased 17.7 percent to $91.0 million versus $77.3 million a year ago. As a percentage of sales, SG&A decreased to 40.1 percent from 46.3 percent in the first quarter of 2010.
For the second quarter of 2011, the company expects revenue of approximately $280 million, a 23 percent increase over second quarter 2010. The company expects diluted earnings per share for the second quarter 2011 to be approximately 43 cents.
CROCS, INC. AND SUBSIDIARIES |
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CONDENSED CONSOLIDATED STATEMENTS OF INCOME |
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(Unaudited) |
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Three Months Ended | ||||||||
March 31, | ||||||||
($ thousands, except per share amounts) | 2011 | 2010 | ||||||
Revenues | $ | 226,708 | $ | 166,852 | ||||
Cost of sales | 107,502 | 80,148 | ||||||
Gross profit | 119,206 | 86,704 | ||||||
Selling, general and administrative expenses | 88,614 | 74,778 | ||||||
Foreign currency transaction losses (gains), net
|
1,315 | (292 | ) | |||||
Restructuring charges | – | 2,539 | ||||||
Asset impairment | 32 | 141 | ||||||
Charitable contributions expense | 997 | 143 | ||||||
Income (loss) from operations | 28,248 | 9,395 | ||||||
Interest expense | 188 | 129 | ||||||
Gain on charitable contributions | (257 | ) | (84 | ) | ||||
Other (income) expense | 328 | 241 | ||||||
Income (loss) before income taxes | 27,989 | 9,109 | ||||||
Income tax (benefit) expense | 6,485 | 3,392 | ||||||
Net income (loss) | $ | 21,504 | $ | 5,717 | ||||
Net income (loss) per common share: | ||||||||
Basic | $ | 0.24 | $ | 0.07 | ||||
Diluted | $ | 0.24 | $ | 0.07 |