Crocs has reported a 20.8 percent increase in net income to $30.2 million and a rise of 27.5 percent in revenues to $274.9 million for the third quarter. The company had predicted higher sales, but they came in below forecast in its U.S. stores and to a lesser extent in Europe for various reasons, including fewer promotions and the lack of merchandise for warm weather conditions in August. In terms of U.S. dollars, sales increased by 18.0 percent in the Americas, by 40.6 percent in Asia and by 25.9 percent in Europe. The gross margin fell by 1.6 percentage points to 53.5 percent. The order backlog was up by 30 percent, but with only a single-digit increase in Europe. The fourth quarter will be challenging, but the outlook for 2012 is brighter, thanks especially to the broadening range of products offered under the Crocs brand (more in Shoe Intelligence).
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