Outdoor financials: Jarden’s outdoor sales slip, but segment’s profit up on fishing products; Crocs sees solid 1Q gains

The parent company of outdoor brands Marmot, K2 and Coleman saw first-quarter outdoor sales slip 1.1 percent on a weak finish to winter, but operating income from the segment rose 15.7 percent as high-margin fishing products preformed well due the continued warm weather. Also, 1Q earnings shine for Crocs.
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The parent company of outdoor brands Marmot, K2 and Coleman saw first-quarter outdoor sales slip 1.1 percent on a weak finish to winter, but operating income from the segment rose 15.7 percent as high-margin fishing products preformed well due the continued warm weather.

“Fishing was really the driver of outdoor solutions,” Jarden CEO James Lillie said on the company’s conference call Tuesday. He added that Marmot’s push on spring technical apparel items also helped offset decreased sales from the company’s winter equipment brands, such as K2, Marker and Volkl.

Jarden’s (NYSE:JAH) Outdoor Solutions group reported $670.1 million in revenue for the first quarter 2012, versus $677.5 million a year ago. Operating income from the segment rose to $57.8 million versus $50 million a year ago. The outdoor group accounted for nearly 45 percent of Jarden’s total sales.

In total, the Rye, N.Y.-based diversified products company reported first-quarter revenue up 0.8 percent to $1.5 billion. Jarden’s overall quarterly net income rose to $35.1 million, or 41 cents per diluted share, versus a net income or $19 million, or 21 cents per diluted share, a year ago.

Jarden’s results likely foreshadow upcoming earnings reports from the parent companies of outdoor brands such as The North Face and Columbia later this week. Expect mixed results based on how much early spring product revenue the brands could muster versus poor winter product sales.

Crocs Q1 revenue, profit up

Crocs Inc. (Nasdaq:CROX) reported higher revenue and profit for the first quarter 2012 boosted by greater sales in the Americas and Asia.

The Niwot, Colo.-based footwear company reported quarterly sales up 19.9 percent to $271.8 million, and a net profit of $28.3 million, versus $21.5 million a year ago.

Company officials said the positive performance was fueled by 17.1 percent and 40.5 percent growth in the Americas and Asia, respectively. Meanwhile, sales in Europe slipped 2.7 percent.

From a channel perspective, direct retail sales led growth, increasing 33.2 percent to $60.6 million, while Crocs’ wholesale revenue rose 15.9 percent to $190.7 million. The company ended the first quarter with 439 direct retail stores, compared to 371 locations a year ago.

Looking ahead, company officials projected second-quarter revenue in the range of $335 to $340 million, which would represent between 13 and 15 percent sales growth from a year ago.

--David Clucas

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