Crocs’ income on rise
Crocs Inc. reported Thursday that its second-quarter net income rose more than five times as the manufacturer delivered its colorful offbeat shoes into new stores across the U.S. and internationally.
The company, which went public earlier this year, also reported that revenue more than tripled as demand skyrocketed. “Our second-quarter results were much stronger than anticipated due to increased demand for our footwear,” Ron Snyder, president and chief executive officer, said in a statement. “At the same time, we drove improvements in operating leverage, which allowed us to generate a significant improvement in our bottom line.”
For the April-June quarter, Crocs reported net income of $15.7 million, or 39 cents a share, compared with net income of $3.4 million, or 10 cents a share, in the year-ago quarter. Revenue totaled $85.6 million up from $25.8 million.
The results beat Wall Street estimates as analysts surveyed by Thomson Financial on average had forecast 22 cents a share.
Crocs issued its release after the market closed. Its stock closed up $1.21 a share, or 4.4 percent, at $29 a share on the NASDAQ Stock Market. Since it went public, the stock has ranged between $20.32 a share and $37 a share.
In the first six months, Crocs reported net income of $22.1 million, or 56 cents a share, up from $5.4 million, or 16 cents a share, in the first six months of 2005.
Revenue totaled $130.5 million, up from $36.7 million.
The company has forecast net income of 38 cents to 40 cents a share and revenue of $87 million to $90 million in the third quarter.
Snyder said the business boosted the number of international locations selling its shoes from about 1,500 at the end of the first quarter to 4,000 as of June 30.
“Our international business is growing much faster than we originally expected,” he told analysts during a conference call. “That said, we still believe we have only scratched the surface in terms of our potential.”
Based in this small town about 30 miles north of Denver, Crocs uses a proprietary resin material to make footwear designed for comfort.
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