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Crocs, Inc. (NASDAQ: CROX) today reported financial results for the third quarter ended September 30, 2011.
Revenue for the third quarter of 2011 increased 27.5% to $274.9 million compared to revenue of $215.6 million in the third quarter of 2010. Net income for the third quarter of 2011 increased 20.8% to $30.2 million, or $0.33 per diluted share compared to net income of $25.0 million, or $0.28 per diluted share in the third quarter 2010 which included a one-time tax benefit of $3.0 million, or $0.03 per diluted share.
John McCarvel, President and Chief Executive Officer, stated: “We continued to experience strong global demand versus the prior year period, particularly in Asia. The performance of our spring / summer 2011 product line and the composition of our backlog at September 30, 2011 underscores the progress we have made diversifying Crocs beyond its clog origins. We still remain confident that our long-term brand and growing selection of sneakers, casual shoes, and boots have the ability to penetrate the cold weather selling season in each of our geographic regions. While these are competitive categories with established leaders, we believe we can continue to capture market share and further reduce the seasonality of our business over the long-term.”
Year-over year third quarter changes in the Company’s channel revenue streams were as follows:
Wholesale sales increased 24.3% to $154.0 million;
Retail sales increased 31.4% to $95.3 million; and
Internet sales increased 33.7% to $25.6 million.
Year-over year third quarter changes in the Company’s regional revenue streams were as follows:
Asia increased 40.6% to $111.2 million;
Americas increased 18.0% to $122.7 million; and
Europe increased 25.9% to $41.0 million.
Gross profit for the third quarter of 2011 increased 23.9% to $147.2 million, or 53.5% as a percentage of sales, from $118.8 million, or 55.1% of sales in same period last year. Selling, General, & Administrative expenses increased 21.0% to $111.6 million versus $92.2 million a year ago. As a percentage of sales, SG&A decreased to 40.6% from 42.8% in the third quarter of 2010.