NIWOT, Colo. (AP) -- Crocs Inc., maker of the colorful plastic shoes, said Wednesday its fiscal first-quarter net income rose 2 percent, helped by strength in Asia Pacific.
The results beat expectations, but in regions outside of Asia Pacific a key revenue figure fell and CEO John McCarvel said results in the U.S. and Europe were hurt by weather. The quarter is a seasonally small one for Crocs, accounting for just 15 percent of yearly retail sales.
McCarvel added that sales of spring and summer shoes were strong both in wholesale accounts and retail stores.
"As we look into the core of the spring summer selling season, we are confident that our product line-up, including a combination of new collections and core products will continue to drive revenues forward," McCarvel said.
Revenue in stores open at least one year fell 5.2 percent globally. The figure fell 10.3 percent in the Americas, 7.3 percent in Europe and 5.8 percent in Japan. It rose 7.3 percent in Asia Pacific, Crocs' second largest region behind the Americas.
Net income for the three months ended March 31 rose to $29 million, or 33 cents per share, from $28.3 million, or 31 cents per share last year. Excluding costs related to changing its business software system net income totaled 35 cents per share. Analysts expected 34 cents per share, according to FactSet.
Revenue rose nearly 15 percent to $311.7 million from $271.8 million a year ago. That beat analyst expectations of a $305.1 million.
Crocs, based in Niwot, Colo., forecast second quarter net income of 60 cents to 63 cents per share on revenue of $360 million to $370 million. Excluding costs related to the software change the range would be 62 cents to 65 cents per share. Analysts expect net income of 72 cents per share on revenue of $377.9 million.
Shares in Crocs rose 17 cents, or 1 percent, to $16 in extended trading following the release of the earnings report.