The American plastic shoe maker reported a 23.7 percent higher turnover of $166.9 million for the first quarter ended March 31. This comprised a 23.3 percent increase in retail sales to $34.4 million and a 26.1 percent rise in wholesale revenues to $120.2 million. Crocs' net income was $5.7 million, compared with a loss of $22.4 million in 2009.
European sales rose by 34.3 percent to $38.0 million and sales to Asian markets jumped by 40.3 percent to an even higher level of $54.7 million. In the Americas region, revenues were up by 9.8 percent to $74.2 million, and sales through the online channel rose by a more meager 5.1 percent to $12.3 million. Crocs said that the increase in wholesale revenues in all regions for the first time in more than a year meant it was turning a critical corner with its business.
Average selling prices rose by 8.6 percent to $16.41 per pair. Lower-priced styles such as the Beach and Crocs Classic made up just 8.0 percent of sales, and core products overall accounted for 21.4 percent of the total, down from 41.6 percent for the same period of 2009. New products that weren't available last year jumped in to make up 39.2 percent of total sales this year.
Among the group's brands, Ocean Minded saw turnover jump by 75.0 percent to $2.1 million, while Jibbitz had a 2.0 percent slump to $5.0 million.
Crocs has 43 more retail business locations a net basis than it did last year, after 15 closures. There were 30 new retail stores and 28 new outlet stores, both net figures.
As of March 31, Crocs' inventory was down by more than 18 percent to $107.2 million. The gross margin leapt by 15.1 percentage points to 52.0 percent.
For the second quarter, the company is forecasting a 20 to 26 percent sales increase to $210-220 million.