Crocs reports first-quarter profit

NIWOT – Crocs Inc. (Nasdaq: CROX) reported higher revenue and swung to a profit in the first quarter.

The Niwot-based shoemaker reported first-quarter 2010 revenue of $166.9 million – up 23.7 percent from $134.9 million in revenue a year ago. Crocs reported a quarterly profit of $5.7 million, improving from a $22.4 million loss for the same period a year ago.

Crocs officials said the revenue jump was across the board with wholesale sales up 26.1 percent, retail sales up 23.3 percent, and Internet sales up 5.1 percent. Sales were up in Europe 34.3 percent, up in Asia 40.3 percent and up in the Americas 9.8 percent.

SPONSORED CONTENT

Exploring & expressing grief

Support groups and events, as well as creative therapies and professional counseling, are all ways in which Pathways supports individuals dealing with grief and loss.

 “Our return to first-quarter profitability underscores the resiliency of Crocs as a brand and as a company,” Crocs Chief Executive Officer John McCarvel said in a press release. Margins also improved as we benefited from our cost-savings initiatives undertaken in 2009. Our strategy to return to profitable growth in 2010 has not changed, and this positive start to the year positions us well to execute against that plan.”

Crocs officials said they expect the company to generate between $210 million and $220 million in revenue during its 2010 second quarter, representing a 20 percent to 26 percent increase from a year ago.