Crocs Gains in Q2

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.

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