February 22, 2013, 4:12 PM

Web sales increase for Crocs in 2012, but dip in the fourth quarter

Overall sales and net income grow for the year.

Kevin Woodward

Senior Editor

Lead Photo

The manufacturer's online sales increased 7% in 2012.

2012 was a positive sales year for footwear manufacturer Crocs Inc.

For the year ended Dec. 31, Crocs, No. 183 in the Internet Retailer Top 500 Guide, reported:

  • Online sales increased 7.0% to $102.6 million from $95.9 million.
  • Web sales for North America grew 6.8% to $63.2 million from $59.2 million in 2011.
  • Web sales for Asia increased 45.5% to $16.0 million from $11.0 million.
  • Web sales for Europe decreased 8.6% to $23.5 million from $25.7 million.
  • Wholesale revenue increased 7.9% to $645.9 million from $598.4 million in 2011.
  • Same-store sales grew year over year 1.5%.
  • Total sales of $1.12 billion, a 12% increase from $1.00 billion in 2011.
  • Net income of $131.3 million, a 16.4% increase from a net income of $112.8 million in 2011.

Online sales accounted for 9.2% of overall sales in 2012 compared with 9.6% in 2011.

Part of the explanation for the dip in Internet sales as a percent of total sales is the increase in wholesale sales, says John McCarvel, CEO and president. Crocs sells its products to retailers that sell online like Amazon.com Inc., No. 1 in the Top 500, and others, which picked up this year, McCarvel told analysts during the company’s year-end earnings call. Sales through those channels count as wholesale revenue, he says. “They sold a lot of product at a more heavily discounted price,” he said.

For the fourth quarter, Crocs reported:

  • Web sales of $25.0 million, a 2.0% decrease from $25.5 million in the fourth quarter of 2011.
  • Web sales for North America decreased 13.2% to $16.5 million from $19.0 million.
  • Web sales for Asia increased 60.9% to $3.7 million from $2.3 million.
  • Web sales for Europe increased 16.7% to $4.9 million from $4.2 million.
  • Same-store sales decreased 3.5%.
  • Total sales of $225.0 million, a 10.5% increase from $203.7 million in the fourth quarter of 2011.
  • A net loss of $3.6 million, compared with a year-earlier profit of $5.6 million.

Online sales accounted for 11.1% of overall fourth quarter sales, compared with 12.5% in the same quarter a year ago.

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