With a continued strong response to newer styles, Crocs Inc.’s second quarter profit soared 71.9 percent to $55.5 million, or 61 cents a share. Revenue climbed 29.6 percent to $295.6 million. In April, the squishy-shoe maker projected earnings of 43 cents a share on $280 million in revenue.


Crocs also last week projected that for the current third quarter, earnings would reach 40 cents a share on $280 million in revenue – well above the 32 cents on $265 million currently expected by analysts polled by Thomson Reuters.


In the second quarter, wholesale sales increased 25.5 percent to $175.8 million, helped by broad acceptance of key new styles and collections. It ended the quarter with a wholesale backlog of $168 million, a 42 percent increase over last year’s backlog levels, management said on a conference call with analysts. Average selling prices in the backlog were in line with expectations at $19.79 per unit.


Retail sales in the quarter increased 38.1 percent to $91.8 million, with strength across regions. Average revenue per store grew by 20 percent through a combination of larger locations, product breadth, and higher prices. The increase was driven by performance from both outlets and full-line stores, as well as the closing and conversion of many kiosk locations. Internet sales increased 30.1 percent to $28.1 million, driven again by increased activity in Europe.


The Americas regions revenues increased 15.9 percent to $121.4 million. Retail sales in the region increased 28 percent, benefiting from the opening of eight outlets and 22 full-price stores and the conversion of kiosk locations. Wholesales sales grew 9 percent as revenue shifted in the year from Q2 to Q1 as a result of its pre-book strategy.  In the U.S., revenue was up 12 percent for the quarter and represented one-third of its global sales.


On the call, CEO John McCarvel said the Americas performance benefited from the expansion of relationships with the majority of its wholesale partners, including increased SKU counts and new distribution, primarily within the family footwear channel, as well as mall-based stores.  McCarvel said Crocs mix in the Americas was much more balanced with the performance of its Spring 2011 line, featuring translucent sneakers and the Chameleon color-changing collection, along with continued strength of the Crocband collection introduced last year.


In other regions, sales in Asia increased 37.5 percent to $121.9 million, with Japan recovering to show a 30 percent gain. China has significantly increased its retail presence in the last 12 months while inroads are being made in Korea, Taiwan, and the Middle East.  Led by the U.K., France and Germany, Europe grew 50.4 percent to $52.2 million. Overall, foreign exchange rate fluctuations provided a 19.4 million benefit to Crocs net revenues in the quarter.


New products globally represented about 35 percent of second quarter unit sales. Average selling price in Q2 were $19.96, up $2.20 or 12 percent versus the year-ago period. Global footwear unit sales in the quarter were a record 14.2 million, up 15 percent from last year.
For back-to-school, Crocs expects to benefit from several new kids products, including a take down version of its lightweight sneaker, while introducing the Chameleon collection to wholesale channels. Its broadest fall offering, headlined by new casual and rugged boots, rolls out in September.