Crocs suffered a 68.5 percent drop in net profit to $9.1 million in the first quarter from $29.0 million a year ago as its total revenues rose by only 0.2 percent to $312.4 million for the period, ended on March 31, with a 1.5 percent increase in terms of local currencies. The company sold 2 percent fewer pairs but average selling prices went up by 2.5 percent. The gross margin was off by 3.2 percentage points to 50.0 percent. The management blamed unfavorable exchange rates for the Russian ruble and the Japanese yen, which knocked off almost $4 million in revenues and $1 million in operating profit. Russia represents about 15 percent of the company's sales in Europe, which grew by 4.5 percent to $64.1 million in euros and by 1.8 percent in local currencies. (more in Shoe Intelligence).
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