NIWOT — Crocs Inc. (Nasdaq: CROX) grew its earnings significantly year over year for the second quarter, with 21 cents per share in 2017 versus just 13 cents per share for the same period in 2016.
Second quarter earnings went from $11.7 million in 2016 to $18 million in 2017.
Revenue, however, declined: Nearly $324 million in second quarter 2016 to $313 million in that same period in 2017.
The company was able to improve its selling, general and administrative expenses by 5.8 percent year-over-year to $140.4 million. Crocs attributes this to right sizing its store fleet and operational efficiencies.
“During the second quarter, we continued to revitalize the Crocs brand and drive improvement in the quality of our revenues,” said Andrew Rees, president and CEO, in a prepared statement. “A favorable response to our Spring/Summer 2017 collection, particularly as it relates to clogs and sandals, drove solid growth in these silhouettes…. We are optimistic about the early response to our Fall/Holiday 2017 collection, and anticipate that the positive sentiment seen to date will continue throughout the second half of the year, despite the challenging retail environment.”
Looking ahead to the third quarter, revenue is expected to be between $230 million to $240 million.
For the full year, Crocs said it expects revenue to be down year-over-year in the low single digits, due to accelerated store closings and changes to its business model.