Niwot-based Crocs Inc. on Wednesday reported a loss of $4.5 million for the first quarter, compared with net income of $24.9 million in the first quarter of 2007.
In a conference call with analysts following the earnings release, company officials tried to allay concerns about impacts of a potential recession by emphasizing a 39.5 percent increase in revenue and a 79.5 percent increase in international sales.
“We’ve grown for nine quarters in a row and never been able to fill the demand in the marketplace,” said Crocs president and chief executive Ron Snyder. “We’ve put infrastructure in place, and now we are sizing that to meet the demand we see presently.”
Crocs is closing its Canadian manufacturing facility, reducing inventory, marketing new products heavily and cutting costs.
The company posted first-quarter revenue of $198.5 million, up from $142 million for the same period last year. The earnings report boosted shares as much as 15 percent Wednesday after executives announced numbers higher than analysts predicted. The company had warned in April that it might post a quarterly loss. Since that announcement, the stock had dropped 44 percent.
The company still estimates 2008 earnings of $1.54 to $1.64 a share and revenue growth of 15 percent to 20 percent for the year.
Bloomberg News contributed to this report.
