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Article Date: July 2020
Word Count: 449

Crocs Profits Soar on Better Margins and Cost Savings


Net income jumped 44% to $56,551,000 from $39,198,000 on revenues down 8% (-6%CC) to $331,549,000 from $358,899,000, as significantly reduced discounting and clean inventories improved the bottom line while strong e-commerce performance across all regions kept the top line decline to a minimum. E-commerce sales grew 67%, partially offsetting wholesale’s 20% drop and DTC retail’s 42% hit from store closures. Retail saw some rebound as stores reopened, posting 10.5% positive comps. The company sold 16.3 million pairs for the quarter, down 15%, while average selling price moved up 10% to $20.29, bolstered by lower discounting and increased sales of charms ... Log in to view full article.

 


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