Crocs Gains in Q2

Crocs Gains in Q2
An image from Crocs’ spring ’10 ad campaign.

Crocs Inc. continued on its road to profitability in the second quarter.


The company reported Thursday that net income for the period ended June 30 was $32.3 million, or 37 cents a share — a reversal from a loss of $30.3 million, or 36 cents, in the same period a year ago.

Total revenue increased 15 percent to $228 million, from $197.7 million a year earlier.


“Our second-quarter results … show further strengthening of our global wholesale and consumer direct businesses,” John McCarvel, Crocs’ president and CEO, said in a company statement. He added that the company possesses “the balance sheet strength to capitalize on the global opportunities still in front of [it].” The company’s cash and cash equivalents as of June 30 increased 25 percent year-on-year to $96.9 million.


Sales across all categories of wholesale, retail and e-commerce showed double-digit jumps. Respectively, they rose 12 percent to $140 million, 20 percent to $66.4 million and 24 percent to $21.6 million.


Regionally, the Americas showed the strongest growth, as revenues there grew 23 percent to $104.8 million. Sales in Asia increased 11 percent to $88.6 million, and in Europe, 7 percent to $34.6 million.


McCarvel said sales drivers included product innovation, improved service, brand building initiatives and new distribution from the expansion of the company-operated store network.