July 27 (Reuters) - 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 last year.
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 percent.
Analysts were expecting it to earn 32 cents a share.
Crocs shares closed at $26.76 Wednesday on Nasdaq.