US: Asia Pacific drives Crocs Q1 profit
- Q1 net profit up 2.5% to US$29m
- Revenues up 14.7% to $311.7m
- Comparable store sales down 5.2%
Success in Asia Pacific was the key component of a slight increase in first quarter profit for footwear business Crocs, which reported a double-digit revenue increase.
Comparable store sales fell globally by 5.2% in the first quarter of 2013, with the Americas falling by 10.3%, Europe down 7.3%, Japan down 5.8% and Asia Pacific rising 7.3%.
“During the quarter we saw strong sell-in of our spring and summer line into our wholesale accounts globally and solid initial sell-through in our own retail channel, all of which contributed to a 17% constant currency revenue growth during the quarter,” said John McCarvel, president and ceo.
“The Asia Pacific segment of our business was a key component of our success during the quarter.
“While weather did impact consumers in North America and Europe, and Europe also dealt with ongoing macro-economic issues, we did see early signs of recovery in Japan.”
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