Crocs’ Q2 revenues up by 12 percent

Crocs reported its financial results for the second quarter

ended June 30, 2012. Revenue for the second quarter of 2012 increased 12 percent to $330.9 million, over revenue of $295.6 million reported in the second quarter of 2011. This represents the highest three month revenue level in the company’s history. Net income for the second quarter 2012 was $61.5 million, or $0.68 per diluted share, compared to net income of $55.5 million, or $0.61 per diluted share, in the second quarter of 2011.

Sales growth during the quarter was driven by Asia and Americas which was partially offset by a modest decrease in Europe. Geographically, revenue increased 10.9 percent for the Americas, increased 20.5 percent for Asia and decreased 5.2 percent for Europe.

From a channel perspective, wholesale sales increased 7.3 percent to $188.5 million, over sales of $175.8 million in the second quarter of 2011. Retail sales increased 22.6 percent to $112.5 million, over sales of $91.8 million in the second quarter of 2011. The company ended the quarter with 484 retail store locations, which compares to 397 locations a year ago. Global same store sales for the second quarter of 2012 increased 1.8 percent on a currency neutral basis. Internet sales increased 6.6 percent to $29.9 million, over sales of $28.1 million in the second quarter of 2011.

Gross profit for the second quarter of 2012 increased 15.2 percent to $196.1 million, or 59.3 percent as a percentage of sales, from $170.2 million, or 57.6 percent as a percentage of sales in the same period last year. Cash and cash equivalents at June 30, 2012 increased 54.9 percent to $278.8 million compared to $180 million at June 30, 2011.

For the third quarter of 2012, the company expects revenue of $300 million and diluted earnings per share to be between $0.42 and $0.44.

Celebrating its 10th anniversary in 2012, Crocs is into manufacturing casual footwear for men, women and children. Crocs offers several distinct shoe collections with more than 300 four-season footwear styles.