Crocs reports sharp drop in net income

NIWOT – Shoe manufacturer and retailer Crocs Inc. on Wednesday reported third-quarter net income of $13 million, down 71 percent from $45.1 million for the same period a year ago.

The numbers came in an earnings report that reflected the quarter ending Sept. 30.

Niwot-based Crocs (Nasdaq: CROX) reported third-quarter revenue of $288.5 million, down from $295.6 million a year ago and down from $363.8 million in the second quarter of this year.

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Price per dilute share was 15 cents for the quarter, down from 49 cents per share for the same quarter last year.

The earnings report projects even steeper declines in revenue and income in the fourth quarter, with revenue between $220 million and $225 million and a net loss of 20 to 23 cents per share. Crocs’ revenue in the fourth quarter of 2012 was $225 million.

“During the third quarter we saw strong performance in our Asia Pacific region and marked improvement in all channels of our European business,” John McCarvel, Crocs’ president and chief executive, said in a press release.
“This positive performance was counterbalanced by weakness in the Americas and Japan where all sales channels performed below our expectations. The underperformance was especially acute in the Americas, where we were impacted by wholesale accounts trimming at once orders to remain lean on inventory coupled with weak consumer confidence affecting our consumer-direct performance.”