Crocs Inc. (CROX) Reports a 162% Increase in Revenues
Crocs, Inc. (NASDAQ: CROX - News) today reported the following record financial results for the quarter ended June 30, 2007.
Revenues for the quarter ended June 30, 2007 increased 162% to $224.3 million compared to $85.6 million for the quarter ended June 30, 2006. Net income for the quarter ended June 30, 2007 was $48.5 million, or $0.58 per diluted share, compared to $15.7 million, or $0.19 per diluted share, for the quarter ended June 30, 2006. Net income per diluted share amounts for the second quarters of 2007 and 2006 are adjusted to reflect the two-for-one stock split that took effect in June 2007. Gross profit for the second quarter of 2007 was $131.9 million, or 58.8% of revenues, compared to $47.0 million, or 54.8% of revenues for the second quarter of 2006. Selling, general and administrative expenses for the quarter ended June 30, 2007 was $63.5 million, or 28.3% of revenues, compared to $23.3 million, or 27.2% of revenues in the quarter ended June 30, 2006.
Ron Snyder, President and Chief Executive Officer of Crocs, Inc. commented, "The positive momentum we experienced at the beginning of the year carried forward into the second quarter, allowing us to exceed both internal and external expectations. We continued to witness robust demand for our expanded footwear collection and growing accessories category throughout the United States and Canada. Additionally, our overseas markets - in particular Europe -remained very strong driven by a broader merchandise assortment, increased distribution, and additional shelf space within our existing retailers. Looking ahead, our order book is coming in better than anticipated which has enabled us to once again increase our outlook for the fiscal year."
Revenues for the quarter ended June 30, 2007 increased 162% to $224.3 million compared to $85.6 million for the quarter ended June 30, 2006. Net income for the quarter ended June 30, 2007 was $48.5 million, or $0.58 per diluted share, compared to $15.7 million, or $0.19 per diluted share, for the quarter ended June 30, 2006. Net income per diluted share amounts for the second quarters of 2007 and 2006 are adjusted to reflect the two-for-one stock split that took effect in June 2007. Gross profit for the second quarter of 2007 was $131.9 million, or 58.8% of revenues, compared to $47.0 million, or 54.8% of revenues for the second quarter of 2006. Selling, general and administrative expenses for the quarter ended June 30, 2007 was $63.5 million, or 28.3% of revenues, compared to $23.3 million, or 27.2% of revenues in the quarter ended June 30, 2006.
Ron Snyder, President and Chief Executive Officer of Crocs, Inc. commented, "The positive momentum we experienced at the beginning of the year carried forward into the second quarter, allowing us to exceed both internal and external expectations. We continued to witness robust demand for our expanded footwear collection and growing accessories category throughout the United States and Canada. Additionally, our overseas markets - in particular Europe -remained very strong driven by a broader merchandise assortment, increased distribution, and additional shelf space within our existing retailers. Looking ahead, our order book is coming in better than anticipated which has enabled us to once again increase our outlook for the fiscal year."
Labels: Crocs Inc., CROX
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