Crocs captures revenue growth despite retail cuts
Crocs, an American shoe manufacturer, saw revenue and profit growth in the second quarter of the 2018 year compared to business results for the same period in the 2017 year. The growth was achieved despite the loss of $ 22 million as a result of a reduction in the store chain and a change in the business model, writes Worldfootwear.com
“I am very pleased with our results for the last quarter. Revenues and gross margins exceeded targets, and our diluted earnings per share were 75% higher than the same period in the second quarter of last year, due to the high level of our products and the growing demand for our brand. Sales of our clogs and sandals continue to show good results, and we are well represented in retail in the second half of the year, ”commented Andrew Rhys, President and CEO of Crocs.
The company's revenue in the second quarter of this year amounted to $ 328 million, an increase of 4,8% compared to the results for the second quarter of 2017 and 2,3%, taking into account currency fluctuations. Growth was achieved despite the loss of $ 22 million due to a reduction in the number of stores and a change in the business model. E-commerce volume grew by 23,8%, wholesale sales grew by 7,2%, and comparable retail sales increased by 7,1%.
Operating income reached $ 37,1 million and increased by 25,9% compared to $ 29,4 million in the second quarter of last year. Net income was $ 30,4 million or $ 0,35 per share, compared with $ 18,1 million or $ 0,20 diluted earnings per share in the second quarter of last year.
Crocs, an American shoe manufacturer, saw revenue and profit growth in the second quarter of the 2018 year compared to business results for the same period in the 2017 year. Growth was achieved despite ...
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