The classic clog was credited for "solid growth" in the second quarter of 2017 at Crocs Inc., but the Niwot shoemaker said today its revenues were down compared to this time last year.
Crocs (Nasdaq: CROX) was able to cut its expenses to $140.4 million, down from this time last year when expenses were $149 million, down 5.8 percent.
Expenses were down because the company has closed stores with plans to close a total of 158 over the next two years -- which is equal to about 25 percent of the company's stores.
"The right sizing of our store fleet, operational efficiencies, and a disciplined approach to expense management, coupled with some timing and approximately $1 million in recovery of bad debt previously reserved for in China, contributed to this improvement," the report says.
Crocs beat analysts’ projections and reported that net income rose to $18.1 million, or 20 cents a share, from $11.7 million and 13 cents per share in the first quarter of 2016.
Read more at the Denver Business Journal: http://bit.ly/2vnsNUw