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Crocs, Inc. Reports 2012 Second Quarter Results

Crocs, Inc. (NASDAQ: CROX) today reported financial results for the second quarter ended June 30, 2012. Revenue for the second quarter of 2012 increased 12.0% to $330.9 million, over revenue of $295.6 million reported in the second quarter of 2011. This represents the highest three month revenue level in the company’s history. Net income for the second quarter 2012 was $61.5 million, or $0.68 per diluted share, compared to net income of $55.5 million, or $0.61 per diluted share, in the second quarter of 2011.

Sales growth during the quarter was driven by Asia and Americas which was partially offset by a modest decrease in Europe. Geographically, revenue increased 10.9% for the Americas, increased 20.5% for Asia and decreased 5.2% for Europe.

From a channel perspective, wholesale sales increased 7.3% to $188.5 million, over sales of $175.8 million in the second quarter of 2011. Retail sales increased 22.6% to $112.5 million, over sales of $91.8 million in the second quarter of 2011. The company ended the quarter with 484 retail store locations, which compares to 397 locations a year ago. Global same store sales for the second quarter of 2012 increased 1.8% on a currency neutral basis. Internet sales increased 6.6% to $29.9 million, over sales of $28.1 million in the second quarter of 2011.

John McCarvel, President and Chief Executive Officer, stated: “We’re pleased with our ability to deliver profitability that exceeded our second quarter projections despite some challenges in certain areas of our business. Conditions in Europe, including currency headwinds, and slower than expected retail sales in the Americas resulted in slightly lower growth than expected. We are very encouraged by continued strong growth of Asia, sell through of our products in key wholesale accounts, our international retail performance, all driven by customer enthusiasm for our new products.”

Margins

Gross profit for the second quarter of 2012 increased 15.2% to $196.1 million, or 59.3% as a percentage of sales, from $170.2 million, or 57.6% as a percentage of sales in the same period last year. Selling, General, & Administrative expenses (SG&A) increased 15.0% to $124.7 million versus $108.5 million a year ago. As a percentage of sales, SG&A was 37.7% compared to 36.7% in the second quarter of 2011.

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