It was a very good first quarter for Crocs Inc.
For the quarter ended March 31, the footwear manufacturer and retailer reported:
- Internet sales increased by about 35.8% to $16.7 million from $12.3 million in the first quarter of 2010.
- Retail sales increased by about 32.3% to $45.5 million from $34.4 million.
- Wholesale sales increased 36.9% to $164.6 million from $120.2 million.
- Total sales increased by about 35.8% to $226.7 million from $166.9 million.
- Net income was $21.50 million, up by about 276.5% from $5.71 million in the prior year quarter.
Internet Retailer calculates the web accounted for 7.4% of sales in Q1, the same percentage as the first quarter last year.
“The contributions to our recent performance have been broad-based and reflect the positive benefits of our multichannel and international business model,” says John McCarvel, president and CEO at Crocs, No. 151 in the Internet Retailer Top 500 Guide.
Crocs also broke out overall first quarter sales results by region as follows:
- Americas sales of $100.2 million, up by 35.0% from $74.2 million in Q1 2010. The Americas sales region includes the U.S., Canada, Mexico, Argentina, Brazil and Chile.
- Asia sales were $72.6 million, an increase of about 33.7% from $54.7 million.
- Europe sales were $53.8 million, up by about 41.6% from $38.0 million in the prior year quarter.
Crocs announced yesterday that Jeff Lasher, former corporate controller, chief accounting officer and interim principal financial officer, was appointed chief financial officer of the company. Lasher had been controller since June 2009. Prior to joining the Crocs, he was a senior consultant for Connelly Consulting, a financial services company, from October 2008 to June 2009. From December 2005 to September 2008, he was the vice president and corporate controller for Corporate Express Inc., a business supplies and equipment company. Before that Lasher was vice president of finance at AutoNation Inc., an automotive retail company, for five years.