Footwear brand Crocs Q1 net profit rises 217% to $142.0mn
04 May '07
3 min read
Crocs Inc reported the following record financial results for the quarter ended March 31, 2007.
Revenues for the quarter ended March 31, 2007 increased 217% to $142.0 million compared to $44.8 million for the first quarter ended March 31, 2006. Net income for the quarter ended March 31, 2007 was $24.9 million, or $0.61 per diluted share, compared to $6.4 million, or $0.17 per diluted share, for the same period in 2006.
Gross profit for the quarter of 2007 was $84.5 million, or 59.5% of revenues, compared to $23.7 million, or 52.9% of revenues for the quarter of 2006. Selling, general and administrative expenses for the first quarter ended March 31, 2007 was $47.3 million, or 33.3% of revenues, compared to $13.7 million, or 30.6% of revenues in the first quarter ended March 31, 2006.
Ron Snyder, President and Chief Executive Officer of Crocs Inc. commented, “Our strong first quarter performance was driven by the growing worldwide demand for our entire portfolio of products. Domestically, we benefited from robust sell through of our Crocs footwear, including our new spring/summer collection, in addition to our new licensed and Jibbitz businesses. At the same time, our international business continues to rapidly expand fueled by sales of our classic models, as well as our more recent introductions. We are pleased with our start to 2007 and we remain extremely optimistic about the many growth opportunities that lie ahead as evidenced by our heightened outlook for the year.”
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