Crocs reported first-quarter revenues of $311.7 million, up 14.7 percent on the first quarter of 2012, or 16.6 percent higher on a constant-currency basis. The record performance was attributed by the company to innovative products, the success of the company's multi-channel strategy and the global reach of its business. The Asia-Pacific segment was a key component in the positive sales performance during the quarter.
The company posted net income of $29.0 million for the quarter, compared with $28.3 million for the same period a year ago. Results include total expenses of $1.8 million relating to the implementation of a new ERP system. Adjusting for these and other non-operating items, the company had a net income of $30.8 million in the quarter.
Crocs operated a total of 547 stores on March 31, 2013, as compared to 440 on March 31, 2012. Globally, comparable store sales on a constant-currency basis decreased by 5.2 percent versus the first quarter of 2012. In the Americas, sales were down by 10.3 percent while, in contrast, the Asia-Pacific region posted a sales increase of 7.3 percent. Japan decreased by 5.8 percent.
Europe also gave a negative performance, with comparable store sales down by 7.3 percent from the first quarter of 2012. Considering that the first quarter on average represents just over 15 percent of its retail sales for the year, the company believes that it will be able to achieve modest same-store sales growth overall, like in 2012.
The order backlog at March 31 was $292.9 million, up 1.5 percent on the first quarter a year ago. On a constant-currency basis, it was 5.0 percent higher than at the end of the first quarter of 2012 (more already published in SGI Europe).