Outdoor financials: Crocs, Cabela’s, Luxottica report higher 1Q results - SNEWS

Outdoor financials: Crocs, Cabela’s, Luxottica report higher 1Q results

Crocs, Cabela's and Luxottica all reported, April 28, higher revenue and profit for the first quarter 2011.
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Crocs (Nasdaq:CROX) reported higher first-quarter revenue and profit on broad-based growth, particularly in Europe.

The Niwot Colo.-based shoemaker reported revenue up 36 percent to $226.7 million for the first quarter 2011, compared to the same period a year ago. Net income for the first quarter rose to $21.5 million, or $0.24 per diluted share, versus a net income of $5.7 million, or $0.07 per diluted share, a year ago.

By region, Crocs saw the strongest growth in Europe, up 43 percent to $53.8 million, followed by the Americas, up 35 percent to $100.2 million, and Asia, up 33 percent to $76.2 million.

By segment, wholesale sales rose 37 percent to $164.6 million, Internet sales grew 35 percent to $16.7 million, and retail sales increased 33 percent to $45.5 million.

Inventories as of March 31, 2011 were at $153.8 million, up from $107.2 million a year ago.

“The increase in inventories was primarily attributable to the global growth in wholesale orders and the increase in company-operated retail stores,” company officials said in the earnings release.

Looking ahead to the second quarter 2011, company officials expect revenue growth of 23 percent, from a year ago, to $280 million, and quarterly diluted earnings per share to come in at $0.43. Those projections were below investor expectations and the stock fell more than 6 percent in after-hours trading on April 28.

Along with its first-quarter earnings report, Crocs announced the appointment of Jeff Lasher as its new CFO. Lasher served as Crocs’ principal accounting officer and interim principal financial officer since January 2011, and he was the company’s corporate controller since June 2009.

Cabela’s 1Q profit, revenue higher

Cabela’s (NYSE:CAB) reported higher higher first-quarter revenue and profit, but direct sales declined.

The Sidney, Neb.-based hunting, fishing and outdoor national retailer reported revenue of $587 million in the first quarter 2011 – up 4.8 percent from the same period a year ago.

Retail store revenue grew 11.3 percent to $302 million, direct revenue declined 6.9 percent to $207 million, and financial services revenue rose 20.7 percent to $72 million. Comparable store sales rose 8.9 percent.

Cabela’s first-quarter net income grew to $17.8 million, up from $8.1 million a year ago. But investors were disappointed, as last year’s earnings included an $11.9 million charge for a 2009 FDIC compliance examination. Not including last year’s charge, the income results were worse than a year ago, the company noted.

Cabela’s stock traded down 8 percent in late-day trading April 28.

Luxottica sees strong wholesale growth in North America, emerging markets

Luxottica Group SpA, the owner of Oakley and Sunglass Hut reported higher first-quarter revenue and profit led by growth in its wholesale division.

The Milan, Italy-based sports eyewear maker and retailer reported revenue of EUR 1.55 billion (USD $2.3 billion) for the first quarter 2011, up 11.8 percent from the same period a year ago. Net income rose to EUR 114.7 million (USD $169 million), from EUR 95.1 million (USD $141 million) a year ago.

Luxottica saw its strongest growth in sales from its wholesale division up 15.8 percent to EUR 641.1 million (USD $948 million). Its retail division grew 9.2 percent to EUR 915 million (USD $1.35 billion).

Wholesale division sales were strongest in North America and emerging markets such as India, Brazil and the Middle East – both up 28 percent each. Comparable retail store revenue at Sunglass Hut was up 10.5 percent in North America.



(Conversion of euros into U.S. dollars is for information only, is not necessarily relative to earnings, and is based on the currency rate as of April 28, 2011.)


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