Crocs Posts Record Quarter With $363.8M In Revenue
Originally published at www.seclive.com
Crocs (CROX) reported a record-breaking second quarter with $363.8M in revenue, a 12.5% gain from first quarter and a 9.9% gain from a year ago. The company's net income was $35.4M, a significant decrease from the same quarter last year with $61.5M while earnings per share were $0.68, compared to $0.40 earnings per share a year ago. Crocs President and CEO John McCarvel remarked that the brand's appeal continues to grow, with the success of its spring/summer product lineup, and that its worldwide demand continues to be the key for its increased growth. The largest items that negatively impacted earnings per share included lower gross margins, from 59.3% to 55.2%, a higher tax rate in Brazil, investments in a new ERP system, and increased marketing initiatives. The company is projecting third quarter revenue between $300M and $310M with $0.20 to $0.23 earnings per share.
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