Apr 29, 2011
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Crocs Q1 beats estimates, but Q2 profit view falls short

Apr 29, 2011

April 28 - Shoe maker Crocs Inc beat quarterly estimates as its colorful plastic clogs sold well, but its second-quarter forecast fell short of market expectations.

Crocs Spring 2011

The company also said it named Jeff Lasher as its new chief financial officer. He was Crocs' principal accounting officer and interim principal financial officer since January 2011.

The company expects to earn about 43 cents per share for the second quarter, while analysts on average were expecting it to earn 44 cents a share, according to Thomson Reuters I/B/E/S.

Crocs has been streamlining itself, lowering inventory levels and revamping product designs to get customers back.

For the first quarter, it earned $21.5 million, or 24 cents a share, compared with $5.7 million, or 7 cents a share, a year ago.

Analysts on average had expected it to earn 20 cents per share, on revenue of $216.1 million.

Shares of the company 6 percent to $20.00 in trading after the bell. They had closed at $21.29 in regular trading on Thursday on Nasdaq.

(Reporting by Nivedita Bhattacharjee in Bangalore; Editing by Gopakumar Warrier)

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