US: Crocs Q4 profit quadruples on global growth
Casual footwear retailer Crocs has posted Q4 revenues increases of 236% to US$112.9m, compared with $33.6m in the fourth quarter of 2005, as a result of high US and global demand.
The company's net income for the quarter increased 395.2% to $20.8m versus $4.2m last year.
For full-year 2006, the company's revenue was up 226.6% to $354.7m, while net income jumped 278.8% to $64.4m, both compared to fiscal 2005.
Ron Snyder, president and CEO of Crocs, said: "Our better than expected fourth quarter results were driven by strong retail sell-through of our entire product offering and represents a great finish to an important year for our company.
"Throughout the quarter we witnessed ongoing demand for our classic footwear both here and abroad, coupled with growing consumer acceptance of our new styles. At the same time, our Collegiate and Disney collections are both off to a tremendous start which bodes well as we look to further expand and evolve our licensing programmes. We enter the new year with great momentum evidenced by our heightened outlook for 2007."
Crocs, sold in 80 countries, raised its fiscal 2007 revenue target to more than 45% over fiscal year 2006, which was up from previous guidance of 30%. For the first quarter of fiscal 2007 the company anticipates total revenues to range from $113m to $117m.
Snyder added: "We are very pleased with all we have accomplished over the past 12-months and move forward more excited than ever about the significant near- and long-term opportunities we believe exist for our company."
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