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Profits fall £4.4m at Crocs

Footwear company Crocs has reported a $7.1m (£4.4m) drop in gross profit for the three months to September 30, citing struggling wholesale and internet sales in American and Japanese Markets.

Gross profit for the third quarter was $153.6m (£95.4m), down 4.6% on the same period last year. Revenues fell by 2.4%, or $7.1m (£4.4m), to $288.5m year on year.

However, European sales saw a “marked improvement”, with wholesale revenue rising 64.5% to $27.41m (£17m) from $22.66m (£14m) and retail revenue soaring by $7.45m (£4.62m) to $18,995 (£11.79m). 

Expenses for the company increased 12.4% to $135.7m (£84.3m) due to increases in retail store space and marketing expenses.

John McCarvel, president and chief executive of Crocs, said this “positive performance” was counterbalanced by “weakness” in US and Japanese sales.

“In the Americas and Japan all sales channels performed below our expectations,” he added. “The underperformance was especially acute in the Americas, where we were affected by wholesale accounts trimming orders to remain lean on inventory coupled with weak consumer confidence affecting our consumer direct performance.”

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