Crocs, Inc. Reports Second Quarter Financial Results

Crocs, Inc. CROX today reported financial results for the second quarter ended June 30, 2010. Revenue for the second quarter of 2010 increased 31% to $228.0 million, over adjusted revenue of $174.1 million reported in the second quarter of 2009, which excluded $23.7 million in previously impaired product sales that the Company has stated would be non-recurring. On a GAAP basis, second quarter revenue increased 15% year-over-year. Second quarter 2010 net income was $32.3 million with diluted earnings per share of $0.37, compared to a second quarter 2009 net loss of $30.3 million, or a loss per diluted share of ($0.36). “We are very pleased with our second quarter results, which show further strengthening of our global wholesale and consumer direct businesses” commented John McCarvel, President and Chief Executive Officer. “We believe sales are being driven by product innovation, improved service, and brand building initiatives as well as new distribution from the expansion of our company-operated stores and key wholesale accounts. Importantly, our updated business model is generating enhanced profitability and higher cash flow. We are encouraged with our recent performance and believe we have the right strategies in place along with the balance sheet strength to capitalize on the global opportunities still in front of us.”