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Crocs Inc reports strong financials
20
Feb '08
Crocs Inc reported strong financial results for the quarter and fiscal year ended December 31, 2007.

Revenues for the quarter ended December 31, 2007 increased 99.1% to $224.8 million compared to $112.9 million for the quarter ended December 31, 2006. For the quarter ended December 31, 2007 domestic sales rose approximately 47% to $115.8 million compared to $78.8 million a year ago and international sales increased 221% to $109 million from $34 million a year ago.

Net income for the quarter ended December 31, 2007 increased 84.1% to $38.3 million, or $0.45 per diluted share, compared to $20.8 million, or $0.26 per diluted share, for the quarter ended December 31, 2006. Net income per diluted share for the quarters ended December 31 2007 and 2006 are adjusted to reflect the two-for-one stock split that took effect in June 2007.

Gross profit for the fourth quarter of 2007 was $125.8 million, or 56.0% of revenues, compared to $65.1 million, or 57.7% of revenues for the fourth quarter of 2006. Selling, general and administrative expenses for the quarter ended December 31, 2007 were $71.9 million, or 32.0% of revenues, compared to $34.9 million, or 30.9% of revenues in the quarter ended December 31, 2006.

Ron Snyder, President and Chief Executive Officer of Crocs, Inc. commented “For the eighth quarter in a row Crocs delivered industry leading revenue growth, net income growth and EPS growth. Our more than 99% revenue gain in the fourth quarter highlights the ongoing strong demand for Crocs branded footwear. We experienced better than expected sell through of our fall line across men's, women's, and children's in each of our markets.


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