Crocs’ earnings beat expectations

NIWOT – Shoemaker Crocs Inc. reported revenue for the third quarter ending Sept. 30 of $215.6 million, an increase of 22 percent compared with third-quarter 2009.

Crocs (Nasdaq: CROX), based in Niwot, reported net income for the third quarter of $25 million, or 28 cents per share, up 13 percent from $22.1 million, or 25 cents a share, for the same a year earlier, beating analysts’ expectations of 24 cents per share, according to Thomson Reuters.

Revenue increased as the company sold almost 18 percent more shoes with an average selling price that was 3 percent higher than the previous quarter.

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“After a strong summer selling season, we began shipping significantly more of our back-to-school and fall products to our global network of wholesale accounts and distributors versus a year ago,” John McCarvel, president and chief executive officer, said in a statement. “Our sales performance year-to-date has been very encouraging.”

At the beginning of the month, Crocs rolled out the new Crocs Tone line, which the company says will help stimulate and tone a walker’s leg muscles. The company said it expects fourth-quarter revenue of $165 million, up 21 percent from the same quarter a year ago.

The company has approximately 3,700 workers around the globe.