Crocs: Shares Soar on Rising Asia Sales

The company's earnings topped Wall Street forecasts

   

Crocs: Shares Soar on Rising Asia Sales

Crocs (NASDAQ:CROX) announced on Thursday that during the second quarter it earned $61.5 million, up 11% from $55.5 million in the same period last year.

The shoe maker reported revenue of $330.9 million, up 12% compared to 2011.

crocs 185x185 Crocs: Shares Soar on Rising Asia Sales
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EPS came in 68 cents, compared to 61 cents last year.

Wall Street was looking for EPS of 63 cents on revenue of $339.9 million, Reuters noted.

Investors liked the news. Shares of Crocs jumped almost 17% in Thursday trading.

The company said it anticipates earnings for the year of between $1.50 and $1.54 a share. That is above analysts, who predict $1.47 a share.

Company officials cited strong growth in Asia for the increased profits. Sales in Asia jumped 20.5% during the second quarter. Asian sales currently comprise 44% of total revenue.

During the quarter, Crocs’ gross margin edged up from 57.6% last year to 59.3%.


Article printed from InvestorPlace Media, http://investorplace.com/2012/07/crocs-shares-soar-on-rising-asia-sales/.

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