Crocs Q1 Tops Estimates

Crocs Q1 Tops Estimates
The latest Crocs store design, introduced in November in the U.S.

Crocs Inc. snapped to it again.

The Niwot, Colo.-based firm topped estimates in the first quarter, earning 31 cents a share on revenue of $271.8 million.

Analysts were expecting earnings of 26 cents a share on revenue of $266.7 million. Net income for the quarter ended March 31 surged 31.8 percent to $28.3 million.

Total sales rose 19.9 percent, thanks to broad-based, double-digit increases in wholesale, retail, global same store sales and internet sales.

By region, Asia grew 40.5 percent and the Americas 17.1 percent, while Europe slipped 2.7 percent.

Gross profit margin and backlog also rose. Margins advanced 70 basis points to 53.3 percent of sales, while backlog increased 11 percent to $289 million.

The company guided for second quarter revenue to be in the range of $335 million to $340 million, and earnings per share to come in between 61 cents and 63 cents.

“We are pleased to achieve this momentum as we celebrate our 10th year in business. We remain focused on sustainable growth in sales, profits and shareholder value based on the global power of the Crocs brand and our unique comfort message,” said John McCarvel, Crocs’ president and CEO, in a statement.

“Disciplined execution of our multi-channel business strategy and our growing diversity of all-season, all-occasion footwear styles are driving this growth,” he added.

Crocs’ cash and cash equivalents also surged 78.9 percent to $206.6 million at the end of the period.  The company has no debt.

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