Crocs lifted its sales by 19.9 percent to $271.8 million for the quarter, in spite of a sales decline of 2.7 percent in Europe to $52 million. While wholesale revenues fell in the region, European retail sales grew by 52.2 percent, with a 21 percent increase on a comparable store basis.
The European sales problems were more than compensated by sales increases of 17.1 percent in the Americas and 40.5 percent in Asia.
The company's total wholesale revenues jumped by 15.9 percent to $190.7 million, while its retail sales advanced by 32.2 percent to $60.6 million, including a comparable sales increase of 10.2 percent for the quarter. Internet sales rose by 23.3 percent to $20.5 million.
Crocs had 439 stores at the end of March, compared with 371 stores at the same time last year, and it intends to open another 80 to 100 stores by the end of the year.
With new product introductions representing about 38 percent of quarterly sales, the company managed to increase its average selling prices by 11 percent to $19.22 per pair.
The company's gross profit margin increased by 0.7 percentage points to 53.3 percent, and its net income for the quarter reached $28.3 million, up by 31.6 percent.
The upward trend will apparently continue, albeit at a lower level, since orders were up by 11 percent at the end of the quarter. While orders were up in the U.S. and Asia, they were down by 13 percent in Europe.