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Crocs Tops Estimates, Q2 Revenue Increased 29.6% YoY

Financial News Network
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July 28, 2011 AT 12:47 AM
Crocs (NASDAQ:CROX) reported Q2 EPS of $0.61, better than analyst estimates of $0.55 per share. Revenues for the quarter increased 29.6% year-over-year to $295.6 million, topping consensus estimates of $281.64 million.For the third quarter of 2011, the Company expects revenue of approximately $280 million, a 30% increase over the third quarter of 2010. The Company expects diluted earnings per share for the third quarter of 2011 to be approximately $0.40.John McCarvel, President and Chief Executive Officer, stated: "Our second quarter results demonstrate the progress we have made evolving Crocs into an innovative footwear leader. We achieved our highest quarterly revenue and unit volume in the Company's history as revenues surpassed $295 million and we sold over 14 million pair. Our performance was fueled by demand for our most diverse product line ever and included double-digit growth in each of our distribution channels and geographic regions. As a result, we experienced significant operating expense leverage and a substantial increase in profitability versus a year ago. Looking ahead to the back half of 2011, we expect our momentum to continue through summer and back to school. We are also optimistic about our prospects for the fall and holiday given the 41.9% increase in our backlog which totaled $168.1 million at the end of the second quarter."