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Crocs Inc. Reports 2012 Fourth Quarter & Full Year Financial Results

Crocs Inc. (NASDAQ: CROX) reported today financial results for the fourth quarter and full year ended December 31, 2012.

Full Year 2012 Highlights

  • Revenue increased 12 percent to $1.12 billion or 14 percent on a constant currency basis compared with the prior year period
  • Gross Margin increased to 54.1 percent, an increase of 50 basis points compared with the prior year period
  • Net income, excluding non-operating items and one-time tax benefits, increased 17 percent compared with the prior year period

“Our strong performance in 2012 reflects our ongoing investment in our multi channel strategy. We saw revenue growth during 2012 of 14% on a constant currency basis, while also approaching a record 50 million units and increasing average selling prices,” said John McCarvel, President and Chief Executive Officer. “Looking forward into 2013, our customers are eagerly anticipating delivery of our spring summer line in the next few weeks, including the Huarache collection, which we expect to be the thirtieth member of our million pair seller club, our molded boat shoes, and our women’s wedge line. We believe our focus on bringing innovative, colorful, comfortable and fun products to the marketplace allows us to grow our business thoughtfully and provide long-term value to our stockholders.”

Full Year 2012 Results

Net income for the year ended December 31, 2012 was $131.3 million, or $1.44 per diluted share, compared with net income of $112.8 million, or $1.24 per diluted share, in 2011. Non-GAAP net income 1, adjusted for a tax benefit in the third quarter of 2012, contingency accruals of $5.9 million in the fourth quarter of 2012 and $1.8 million of expense related to the implementation of a new enterprise resource planning (ERP) system, for the full year 2012 was $127.7 million or $1.40 per diluted share compared with Non-GAAP net income of $109.2 million or $1.20 per diluted share in the same period last year.

Revenue for 2012 was $1.12 billion, up 12.2% over 2011. On a constant currency basis, revenue increased 14.0% for the full year 2012.

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