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Crocs Q1 profit falls YOY

Crocs Inc. said its first-quarter normalized net income was 2 cents per share, compared with the S&P Capital IQ consensus estimate of a loss of 2 cents per share.

EPS fell 83.3% year over year from 14 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $1.8 million, a decrease of 85.5% from $12.6 million in the year-earlier period.

The normalized profit margin fell to 0.7% from 4.0% in the year-earlier period.

Total revenue declined 16.1% on an annual basis to $262.2 million from $312.4 million, and total operating expenses declined 10.5% on an annual basis to $259.5 million from $289.9 million.

Reported net income totaled a loss of $6.2 million, or a loss of 8 cents per share, compared to income of $5.4 million, or 6 cents per share, in the year-earlier period.