First Quarter 2013 Highlights
- Record revenue of $311.7 million
- Gross Margin of 53.2 percent
- Net income of $29.0 million
- Earnings per diluted share of $0.33
“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.”
First Quarter Results
For first quarter 2013, the company had a net income of $29.0 million or $0.33 per diluted share, compared with net income of $28.3 million or $0.31 per diluted share in the prior year period. First quarter 2013 results included total expenses of $1.8 million relating to the implementation of a new ERP system including non-cash accelerated depreciation and cash expenses for program management, training and other non-capitalized costs. Adjusting for these non-operating items, the company had Non-GAAP net income1 of $30.8 million in the quarter or $0.35 per diluted share.
Revenue for the first quarter of 2013 increased 14.7 percent to $311.7 million compared with revenue of $271.8 million reported in the first quarter of 2012. On a constant currency basis revenue increased 16.6 percent for the first quarter of 2013.
Margins
Gross profit for the first quarter of 2013 increased 14.5 percent to $165.8 million, or 53.2 percent as a percentage of sales, compared with $144.8 million, or 53.3 percent as a percentage of sales in the prior year period. Selling, General, & Administrative expenses (SG&A) increased 22.9 percent to $128.2 million compared with $104.3 million a year ago. As a percentage of sales, SG&A increased to 41.1 percent from 38.4 percent compared with the first quarter of 2012. The increase in SG&A is largely attributable to our year-over-year increase in retail stores and partially attributable to our previously announced increase in marketing spending in 2013, which totaled approximately $2.7 million during the quarter.
First Quarter Revenue Results
Crocs Inc. reported first-quarter revenues rose 14.7 percent to $311.7 million. Excluding charges related to a software systems upgrade, earnings gained 8.8 percent. By region in its wholesale business, revenues in Asia Pacific grew 35.1 percent and Americas gained 19.2 percent, offsetting a 5.8 percent decline in Europe.
The following tables detail the company’s first quarter 2013 and 2012 revenues:
The following tables detail the company’s first quarter 2013 and 2012
revenues:
(1) Current period results have been restated using 2012
average foreign exchange rates for the comparative period to enhance the
visibility of the underlying business trends excluding the impact of
foreign currency exchange rate fluctuations.| Three Months Ended March 31, | Change | Constant Currency Change(1) | ||||||||||||||||||
| ($ thousands) | 2013 | 2012 | $ | % | $ | % | ||||||||||||||
| Channel revenues: | ||||||||||||||||||||
| Wholesale: | ||||||||||||||||||||
| Americas | $ | 81,604 | $ | 69,056 | $ | 12,548 | 18.2 | % | $ | 13,287 | 19.2 | % | ||||||||
| Asia Pacific | 69,554 | 51,052 | 18,502 | 36.2 | 17,942 | 35.1 | ||||||||||||||
| Japan | 22,527 | 27,843 | (5,316 | ) | (19.1 | ) | (1,610 | ) | (5.8 | ) | ||||||||||
| Europe | 46,533 | 42,616 | 3,917 | 9.2 | 4,080 | 9.6 | ||||||||||||||
Other businesses
|
65 | 125 | (60 | ) | (48.0 | ) | (61 | ) | (48.8 | ) | ||||||||||
| Total Wholesale | 220,283 | 190,692 | 29,591 | 15.5 | 33,638 | 17.6 | ||||||||||||||
| Consumer-direct: | ||||||||||||||||||||
| Retail: | ||||||||||||||||||||
| Americas | 35,904 | 35,546 | 358 | 1.0 | 555 | 1.6 | ||||||||||||||
| Asia Pacific | 19,597 | 15,739 | 3,858 | 24.5 | 3,807 | 24.2 | ||||||||||||||
| Japan | 5,901 | 4,842 | 1,059 | 21.9 | 2,002 | 41.3 | ||||||||||||||
| Europe | 9,689 | 4,445 | 5,244 | 118.0 | 5,143 | 115.7 | ||||||||||||||
| Total Retail | 71,091 | 60,572 | 10,519 | 17.4 | 11,507 | 19.0 | ||||||||||||||
| Internet: | ||||||||||||||||||||
| Americas | 11,921 | 12,705 | (784 | ) | (6.2 | ) | (744 | ) | (5.9 | ) | ||||||||||
| Asia Pacific | 1,306 | 860 | 446 | 51.9 | 442 | 51.4 | ||||||||||||||
| Japan | 1,931 | 1,688 | 243 | 14.4 | 561 | 33.2 | ||||||||||||||
| Europe | 5,124 | 5,281 | (157 | ) | (3.0 | ) | (173 | ) | (3.3 | ) | ||||||||||
| Total Internet | 20,282 | 20,534 | (252 | ) | (1.2 | ) | 86 | 0.4 | ||||||||||||
| Total revenues: | $ | 311,656 | $ | 271,798 | $ | 39,858 | 14.7 | % | $ | 45,231 | 16.6 | % | ||||||||
| Three Months Ended March 31, | Change | Constant Currency Change(1) | ||||||||||||||||||
| ($ thousands) | 2013 | 2012 | $ | % | $ | % | ||||||||||||||
| Regional Revenue: | ||||||||||||||||||||
| Americas | $ | 129,429 | $ | 117,307 | $ | 12,122 | 10.3 | % | $ | 13,098 | 11.2 | % | ||||||||
| Asia Pacific | 90,457 | 67,651 | 22,806 | 33.7 | 22,191 | 32.8 | ||||||||||||||
| Japan | 30,359 | 34,373 | (4,014 | ) | (11.7 | ) | 953 | 2.8 | ||||||||||||
| Europe | 61,346 | 52,342 | 9,004 | 17.2 | 9,050 | 17.3 | ||||||||||||||
| Other businesses | 65 | 125 | (60 | ) | (48.0 | ) | (61 | ) | (48.8 | ) | ||||||||||
| Total Revenues | $ | 311,656 | $ | 271,798 | $ | 39,858 | 14.7 | % | $ | 45,231 | 16.6 | % | ||||||||
Other Financial Information
Comparable Store Sales Results
Comparable store sales on a constant currency basis for the first quarter of 2013 compared to the first quarter 2012 were as follows: Global decreased 5.2 percent, Americas decreased 10.3 percent, Asia Pacific increased 7.3 percent, Japan decreased 5.8 percent and Europe decreased 7.3 percent. John McCarvel continued “while the unfavorable weather patterns in North America and Europe impacted our same store sales in the first quarter, we were pleased to see the early season success in Asia and the nascent signs of recovery in Japan. The first quarter on average represents just over 15 percent of retail sales for the year, therefore we remain confident that we can achieve modest year-over-year comparable store sales growth similar to 2012 growth rates.”
Balance Sheet
Cash and cash equivalents at March 31, 2013 decreased 21.0 percent compared with year end 2012 and increased 12.6 percent compared with March 31, 2012. During the first quarter of 2012 we repurchased approximately 834,000 shares of common stock for an aggregate of approximately $12.5 million in cash. Inventories at March 31, 2013 were $177.8 million, up 7.9 percent compared with year end 2012 and up 5.2 percent compared with inventories at March 31, 2012.
Backlog
Backlog at March 31, 2013 was $292.9 million, up 1.5 percent compared with $288.7 in the prior year period. On a constant currency basis backlog at March 31, 2013 was up 5.0 percent compared to the prior year period.
Financial Outlook
For the second quarter of 2013, the company expects revenue between $360 million and $370 million and diluted earnings per share between $0.60 and $0.63. This outlook includes $(0.02) per share of ERP implementation expense and reflects an impact of $(0.04) for currency translation.
Source Crocs Inc
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