Crocs Q1 sales drop, expects larger decline in Q2

Crocs, Inc. reported revenues of 281.2 million dollars, declining 5 percent from the first quarter of 2019, or 3.3 percent on a constant currency basis. The company said in a statement that currency negatively impacted first quarter revenues by approximately 5.2 million dollars, while wholesale revenues declined 5.6 percent and retail comparable store sales grew 7.5 percent with total retail revenues down 15 percent due to Covid-19 closures. The company added that decline in wholesale and retail were partially offset by e-commerce revenue growth of 15.8 percent. Diluted earnings per share fell to 16 cents, compared with 33 cents, while adjusted diluted earnings per share were 22 cents compared to 36 cents in the first quarter of 2019