Crocs on pace for record-setting year
Crocs (Nasdaq: CROX) reported third quarter revenue of $295.6 million, which was a 7.5 percent increase over its $274.9 million revenue in the third quarter of 2011. The company's net income for the third quarter of 2011 was $30.2 million, or 33 cents per diluted share.
Year-to-date sales through Sept. 30, the end of the quarter, reached $898 million, which is 12.7 percent greater than sales through the same period last year. 2011 was the first year Crocs cleared $1 billion in sales.
Crocs forecasts sales of $220 million for the fourth quarter.
Crocs saw strong growth in the Americas and Asia and growth in its direct-to-consumer sales channel, president and CEO John McCarvel said. The company will continue to evolve its product line and expand its offerings of winter shoes.
"Despite the economic headwinds we faced during quarter, we continued to grow the business and make strategic progress toward our long-term goal of evolving Crocs into a four-season brand. For the spring summer 2013 season our wholesale pre-books have been strong. We are excited about the prospects for 2013 as enthusiasm for our products continues to grow and our opportunities globally expand," McCarvel said in a release.
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