July 27 Shoemaker Crocs Inc smashed
quarterly profit estimates as demand for its brightly colored
shoes in Asia and Europe rose, and the company said it was
heading for a strong back-to-school season.
The company, which had lost some of its popularity in the
recent past and struggled with falling sales, has been
streamlining itself, lowering inventory levels and revamping
product designs to get customers back.
For the second quarter, Crocs earned $55.5 million, or 61
cents a share, compared with $32.3 million, or 37 cents a share
Revenue rose 29.6 percent to $295.6 million. Sales in Europe
rose 50 percent, while Asia saw a 37.5 percent rise. In the
United States, sales were up 16 percent.
Analysts on average were expecting the company to earn 44
cents a share, on revenue of $282.2 million.
Crocs, which was traditionally known for its colorful clogs
but has now forayed into other styles, expects to earn about 40
cents a share in the third quarter, with revenue rising 30
Analysts were expecting it to earn 32 cents a share.
Crocs shares closed at $26.76 Wednesday on Nasdaq.