Crocs Inc. Reports 2012 Fourth Quarter & Full Year Financial Results

  Crocs Inc. Reports 2012 Fourth Quarter & Full Year Financial Results

  *Record Full Year 2012 Revenue of $1.12 Billion
  *Full Year 2012 Diluted EPS of $1.44
  *Excluding Non-Operating Items the Company Generated $0.04 of Diluted EPS
    in the Fourth Quarter of 2012

Business Wire

NIWOT, Colo. -- February 20, 2013

Crocs Inc. (NASDAQ: CROX) reported today financial results for the fourth
quarter and full year ended December 31, 2012.

Full Year 2012 Highlights

  *Revenue increased 12 percent to $1.12 billion or 14 percent on a constant
    currency basis compared with the prior year period
  *Gross Margin increased to 54.1 percent, an increase of 50 basis points
    compared with the prior year period
  *Net income, excluding non-operating items and one-time tax benefits,
    increased 17 percent compared with the prior year period

“Our strong performance in 2012 reflects our ongoing investment in our multi
channel strategy. We saw revenue growth during 2012 of 14% on a constant
currency basis, while also approaching a record 50 million units and
increasing average selling prices,” said John McCarvel, President and Chief
Executive Officer. “Looking forward into 2013, our customers are eagerly
anticipating delivery of our spring summer line in the next few weeks,
including the Huarache collection, which we expect to be the thirtieth member
of our million pair seller club, our molded boat shoes, and our women’s wedge
line. We believe our focus on bringing innovative, colorful, comfortable and
fun products to the marketplace allows us to grow our business thoughtfully
and provide long-term value to our stockholders.”

Full Year 2012 Results

Net income for the year ended December 31, 2012 was $131.3 million, or $1.44
per diluted share, compared with net income of $112.8 million, or $1.24 per
diluted share, in 2011. Non-GAAP net income^1, adjusted for a tax benefit in
the third quarter of 2012, contingency accruals of $5.9 million in the fourth
quarter of 2012 and $1.8 million of expense related to the implementation of a
new enterprise resource planning (ERP) system, for the full year 2012 was
$127.7 million or $1.40 per diluted share compared with Non-GAAP net income of
$109.2 million or $1.20 per diluted share in the same period last year.

Revenue for 2012 was $1.12 billion, up 12.2% over 2011. On a constant currency
basis, revenue increased 14.0% for the full year 2012.

Gross profit for 2012 was $608.0 million, or 54.1% as a percentage of sales,
compared with $536.4 million, or 53.6% as a percentage of sales in the same
period last year. SG&A increased 13.7% to $460.4 million compared with $404.8
million a year ago. As a percentage of sales, SG&A was 41.0% compared with
40.4% for the full year 2011.

Operating income for the full year 2012 was $146.2 million compared with
$131.1 million in the prior year.

Full Year Revenue Results

The following tables detail the company’s full year 2012 and 2011 revenues:

                                                                                         
                       Twelve Months Ended
                       December 31,                    Change                      Constant Currency
                                                                                   Change^(1)
($ thousands)          2012          2011            $             %           $               %
Channel
revenues:
Wholesale:
Americas               $ 235,988       $ 214,062       $ 21,926        10.2  %     $ 25,920        12.1  %
Asia                     298,350         259,104         39,246        15.1          38,984        15.0
Europe                   110,947         124,995         (14,048 )     (11.2 )       (5,168  )     (4.1  )
Other businesses        574            191            383          200.5       406          212.4 
Total Wholesale          645,859         598,352         47,507        7.9           60,142        10.1
Consumer-direct:
Retail
Americas                 196,711         174,840         21,871        12.5          22,691        13.0
Asia                     143,062         111,650         31,412        28.1          32,543        29.1
Europe                  35,052         20,167         14,885       73.8        16,093       79.8  
Total Retail             374,825         306,657         68,168        22.2          71,327        23.3
Internet
Americas                 63,153          59,175          3,978         6.7           4,069         6.9
Asia                     15,999          11,012          4,987         45.3          5,049         45.8
Europe                  23,465         25,707         (2,242  )     (8.7  )      (163    )     (0.6  )
Total Internet          102,617        95,894         6,723        7.0         8,955        9.3   
Total Revenues         $ 1,123,301     $ 1,000,903     $ 122,398      12.2  %     $ 140,424      14.0  %
                                                                                                   
                                                                                                   
                       Twelve Months Ended
                       December 31,                    Change                      Constant Currency
                                                                                   Change^(1)
($ thousands)          2012            2011            $               %           $               %
Regional
Revenue:
Americas               $ 495,852       $ 448,077       $ 47,775        10.7  %     $ 52,680        11.8  %
Asia                     457,411         381,766         75,644        19.8          76,576        20.1
Europe                   169,464         170,869         (1,404  )     (0.8  )       10,762        6.3
Other businesses        574            191            383          200.5       406          212.4 
Total Revenues         $ 1,123,301     $ 1,000,903     $ 122,398      12.2  %     $ 140,424      14.0  %
                                                                                                   
^(1) Current period results have been restated using 2011 average foreign exchange rates for the
comparative period to enhance the visibility of the underlying business trends excluding the impact of
foreign currency exchange rate fluctuations.
                                                       

Fourth Quarter Results

For fourth quarter 2012, the company had a net loss of $3.6 million or $0.04
per diluted share, compared with net income of $5.6 million or $0.06 per
diluted share in the prior year period. Fourth quarter 2012 results included
non-cash expenses of $5.9 million for contingency accruals, which adversely
impacted selling, general and administrative (SG&A) expenses by $2.2 million
and cost of goods sold by $3.7 million. In addition, in the 2012 period, the
company had total expenses of $1.5 million relating to its implementation of a
new ERP system including non-cash accelerated depreciation and cash expenses
for program management, training and other non-capitalized costs. Adjusting
for these non-operating items, the company had Non-GAAP net income of $3.8
million in the quarter or $0.04 per diluted share.

“For the fourth quarter we are pleased with our 11 percent constant currency
revenue growth which was ahead of our prior guidance, and our $3.8 million net
income, after adjustments,” said John McCarvel. “We saw good reception of our
fall holiday products during the season and we continued to position the brand
for greater success in the back half of the year. For the quarter we saw gross
margins after adjustments for special items in line with the prior year.”

Revenue for the fourth quarter of 2012 increased 10.4% to $225.0 million
compared with revenue of $203.7 million reported in the fourth quarter of
2011. On a constant currency basis revenue increased 10.9% for the fourth
quarter of 2012.

Gross profit for the fourth quarter of 2012 was $106.4 million, or 47.3% as a
percentage of sales, compared with $99.8 million, or 49.0% as a percentage of
sales in the same period last year. Gross Margins in the fourth quarter of
2012 were negatively impacted by the aforementioned $3.7 million contingency
accrual.

Fourth Quarter Revenue Results

The following tables detail the company’s fourth quarter 2012 and 2011
revenues:

                                                                                 
                       Three Months Ended
                       December 31,                Change                     Constant Currency
                                                                              Change^(1)
($ thousands)          2012        2011          $              %           $              %
Channel
revenues:
Wholesale:
Americas               $ 48,118      $ 41,209      $ 6,909        16.8  %     $ 7,725        18.7  %
Asia                     48,859        47,370        1,489        3.1           1,693        3.6
Europe                   13,174        15,389        (2,215 )     (14.4 )       (1,800 )     (11.7 )
Other businesses        241          88           153         173.9       156         177.4 
Total Wholesale          110,392       104,056       6,336        6.1           7,774        7.4
Consumer-direct:
Retail
Americas                 47,415        43,436        3,979        9.2           4,122        9.5
Asia                     32,296        26,349        5,947        22.6          5,623        21.3
Europe                  9,894        4,334        5,560       128.3       5,054       116.6 
Total Retail             89,605        74,119        15,486       20.9          14,799       20.0
Internet
Americas                 16,453        18,979        (2,526 )     (13.3 )       (2,514 )     (13.2 )
Asia                     3,680         2,340         1,340        57.3          1,366        58.4
Europe                  4,862        4,219        643         15.2        812         19.2  
Total Internet          24,995       25,538       (543   )     (2.1  )      (336   )     (1.3  )
Total Revenues         $ 224,992     $ 203,713     $ 21,279      10.4  %     $ 22,237      10.9  %
                                                                                             
                                                                                             
                       Three Months Ended
                       December 31,                Change                     Constant Currency
                                                                              Change^(1)
($ thousands)          2012          2011          $              %           $              %
Regional
Revenue:
Americas               $ 111,986     $ 103,624     $ 8,362        8.1   %     $ 9,333        9.0   %
Asia                     84,835        76,059        8,776        11.5          8,682        11.4
Europe                   27,930        23,942        3,988        16.7          4,066        17.0
Other businesses        241          88           153         173.9       156         177.4 
Total Revenues         $ 224,992     $ 203,713     $ 21,279      10.4  %     $ 22,237      10.9  %
                                                                                             
^(1) Current period results have been restated using 2011 average foreign exchange rates for the
comparative period to enhance the visibility of the underlying business trends excluding the impact
of foreign currency exchange rate fluctuations.


Other Financial Information

Comparable Store Sales Results^2

Comparable store sales on a constant currency basis for the fourth quarter of
2012 compared to the fourth quarter 2011 were as follows: Global decreased
3.5%, Americas decreased 0.9%, Asia decreased 8.5% and Europe decreased 2.3%.

Comparable store sales on a constant currency basis for the full year 2012
compared with the full year 2011 were as follows: Global increased 1.5%,
Americas increased 2.6%, Asia decreased 1.0% and Europe increased 5.4%.

Balance Sheet

Cash and cash equivalents at December 31, 2012 increased 14.2% to $294.3
million compared with $257.6 million at December 31, 2011. During the fourth
quarter of 2012 we repurchased 1.9 million shares of common stock for an
aggregate of approximately $25.0 million in cash. Inventories at December 31,
2012 were $164.8 million, up 27.1% compared with inventories at December 31,
2011 of $129.6 million. The year over year increase in inventory levels was
partially driven by a terms and conditions change with our factories, which
added $12.5 million of additional inventory commitments that were not owned as
of December 31, 2011. Inventory levels also reflect the 24.9% increase in
retail store locations in the full year 2012 compared with the prior year and
the need for additional inventory for the 35 to 40 new store openings planned
for the first quarter of 2013.

Backlog

Spring/summer backlog at December 31, 2012 increased 15.3% to $354.3 million
compared with backlog of $307.4 million at December 31, 2011.

ERP System Implementation

In October 2012, we began the implementation of a new ERP system that is
expected to launch in the first half of 2014. The introduction of this new ERP
system to our current environment will allow for seamless, high-quality, and
compliant data across the Company. We expect that the ERP system
implementation will reduce earnings per diluted share by $0.08 - $0.10 in the
full year 2013.

Financial Outlook

“As we look out into 2013, the strength of our backlog and our increased
retail presence around the globe gives us confidence that our first half
revenue growth will be approximately 13 to 15 percent and our initial
expectations are for slightly better growth in the second half of 2013
compared with the second half of 2012,” said John McCarvel.

For the first quarter of 2013, the company expects revenue between $305
million and $310 million and diluted earnings per share between $0.32 and
$0.34. This outlook includes $0.02 per diluted share of ERP implementation
expense.

Conference Call Information

A conference call to discuss Crocs’ 2012 fourth quarter and full year
financial results is scheduled for today (February 20, 2013) at 5:00 PM
Eastern Time. A webcast of the call will take place simultaneously and can be
accessed by clicking the ‘Investor Relations’ link under the Company section
on www.crocs.com and at www.earnings.com. An audio replay of the webcast will
be available on the Crocs website for one year.

Interested parties are advised to log on to the live webcast at least fifteen
minutes prior to the call in order to download the necessary software.

About Crocs, Inc.

Crocs, Inc. is a world leader in innovative casual footwear for men, women and
children. Crocs offers several distinct shoe collections with more than 300
four-season footwear styles. All Crocs™ shoes feature Croslite™ material, a
proprietary, revolutionary technology that gives each pair of shoes the soft,
comfortable, lightweight, non-marking and odor-resistant qualities that Crocs
fans know and love. Crocs fans “Get Crocs Inside” every pair of shoes, from
the iconic clog to new sneakers, sandals, boots and heels. Since its inception
in 2002, Crocs has sold more than 200 million pairs of shoes in more than 90
countries around the world.

Visit www.crocs.com for additional information.

The matters regarding the future discussed in this news release include
“forward-looking statements” within the meaning of the Private Securities
Litigation Reform Act of 1995. These statements include, but are not limited
to, statements regarding future revenue and earnings, backlog, future orders,
prospects and product pipeline. These statements involve known and unknown
risks, uncertainties and other factors which may cause our actual results,
performance or achievements to be materially different from any future
results, performances, or achievements expressed or implied by the
forward-looking statements. These risks and uncertainties include, but are not
limited to, the following: macroeconomic issues, including, but not limited
to, the current global financial conditions; the effect of competition in our
industry; our ability to effectively manage our future growth or declines in
revenue; changing fashion trends; our ability to maintain and expand revenues
and gross margin; our ability to accurately forecast consumer demand for our
products; our ability to develop and sell new products; our ability to obtain
and protect intellectual property rights; the effect of potential adverse
currency exchange rate fluctuations and other international operating risks;
our ability to open and operate additional retail locations; and other factors
described in our most recent annual report on Form 10-K under the heading
“Risk Factors” and our subsequent filings with the Securities and Exchange
Commission. Readers are encouraged to review that section and all other
disclosures appearing in our filings with the Securities and Exchange
Commission.

All information in this document speaks as of February 20, 2013. We do not
undertake any obligation to update publicly any forward-looking statements,
including, without limitation, any estimate regarding revenues or earnings,
whether as a result of the receipt of new information, future events, or
otherwise.


CROCS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
FOR THE THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2012 AND 2011
(In thousands, except share and per share amounts)

                  Three Months Ended            Twelve Months Ended
                     December 31,                    December 31,
($ thousands,
except per           2012          2011            2012            2011
share data)
Revenues             $ 224,992       $ 203,713       $ 1,123,301       $ 1,000,903
Cost of sales         118,642       103,902       515,324         464,493   
Gross profit           106,350         99,811          607,977           536,410
Selling,
general and            110,656         95,034          460,393           404,803
administrative
expenses
Asset                 591           1             1,410           528       
impairment
Income (loss)
from                   (4,897  )       4,776           146,174           131,079
operations
Foreign
currency
transaction            (170    )       (1,639  )       2,500             (4,886    )
(gains)
losses, net
Other income,          (964    )       (901    )       (2,711    )       (1,578    )
net
Interest              281           220           837             853       
expense
Income (loss)
before income          (4,044  )       7,096           145,548           136,690
taxes
Income tax
expense               (437    )      1,525         14,205          23,902    
(benefit)
Net income           $ (3,607  )     $ 5,571        $ 131,343        $ 112,788   
(loss)
Net income
(loss) per
common share:
Basic                $ (0.04   )     $ 0.06         $ 1.46           $ 1.27      
Diluted              $ (0.04   )     $ 0.06         $ 1.44           $ 1.24      
                                                                                   


CROCS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
AS OF DECEMBER 31, 2012 AND DECEMBER 31, 2011
(In thousands, except share and per share amounts)

                                                December 31,
($ thousands, except number of shares)             2012          2011
ASSETS
Current assets:
Cash and cash equivalents                          $ 294,348       $ 257,587
Accounts receivable, net of allowances of            92,278          84,760
$13,315 and $15,508, respectively
Inventories                                          164,804         129,627
Deferred tax assets, net                             6,284           7,047
Income tax receivable                                5,613           5,828
Other receivables                                    24,821          20,295
Prepaid expenses and other current assets           24,967        20,199  
Total current assets                                 613,115         525,343
Property and equipment, net                          82,241          67,684
Intangible assets, net                               59,931          48,641
Deferred tax assets, net                             34,112          30,375
Other assets                                        40,239        23,410  
Total assets                                       $ 829,638      $ 695,453 
                                                                   
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable                                   $ 63,976        $ 66,517
Accrued expenses and other current                   81,371          76,506
liabilities
Deferred tax liabilities, net                        2,405           2,889
Income taxes payable                                 8,205           8,273
Current portion of bank borrowings and              2,039         1,118   
capital lease obligations
Total current liabilities                            157,996         155,303
Long term income tax payable                         36,343          41,665
Long-term debt                                       4,596           -
Other liabilities                                   13,361        6,705   
Total liabilities                                   212,238       203,673 
                                                                   
Commitments and contingencies
Stockholders’ equity:
Preferred shares, par value $0.001 per
share, 5,000,000 shares authorized, none             -               -
outstanding
Common shares, par value $0.001 per share,
250,000,000 shares authorized, 91,047,297
and 88,662,845 shares issued and
outstanding, respectively, at December 31,           91              90
2012 and 90,306,432 and 89,807,146 shares
issued and outstanding, respectively, at
December 31, 2011
Treasury stock, at cost, 2,384,452 and               (44,214 )       (19,759 )
499,286 shares, respectively
Additional paid-in capital                           307,823         293,959
Retained earnings                                    334,012         202,669
Accumulated other comprehensive income              19,688        14,821  
Total stockholders’ equity                          617,400       491,780 
Total liabilities and stockholders’ equity         $ 829,638      $ 695,453 
                                                                   


CROCS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2012 AND 2011
(In thousands)

                         Three Months Ended December   Twelve Months Ended December
                            31,                             31,
($ thousands)               2012          2011            2012          2011
Cash flows from
operating activities:
Net income                  $ (3,607  )     $ 5,571         $ 131,343       $ 112,788
Adjustments to
reconcile net income
to net cash provided
by operating
activities:
Depreciation and              9,879           8,474           36,694          37,263
amortization
Unrealized (gain)
loss on foreign               8,398           (951    )       13,928          (11,892  )
exchange, net
Deferred income taxes         (2,981  )       (819    )       (2,981  )       (819     )
Charitable                    252             123             1,743           2,034
contributions
Provision for
(recovery of)                 547             (129    )       2,166           (383     )
doubtful accounts,
net
Share-based                   2,350           2,112           11,321          8,550
compensation
Other non-cash items          725             268             1,392           339
Changes in operating
assets and
liabilities:
Accounts receivable           25,093          8,991           (9,475  )       (23,278  )
Inventories                   21,687          20,543          (35,493 )       (13,328  )
Prepaid expenses and          (5,778  )       (1,908  )       (25,715 )       (17,598  )
other assets
Accounts payable              (6,520  )       5,763           99              30,314
Accrued expenses and          (18,833 )       2,871           8,016           19,922
other liabilities
Accrued restructuring         -               (439    )       -               (439     )
Income taxes                 (10,201 )      (1,455  )      (4,907  )      (1,097   )
Cash provided by              21,011          49,015          128,131         142,376
operating activities
Cash flows from
investing activities:
Cash paid for
purchases of property         (13,896 )       (6,555  )       (39,762 )       (27,718  )
and equipment
Proceeds from
disposal of property          1,361           102             2,216           319
and equipment
Cash paid for                 (6,820  )       (2,488  )       (21,074 )       (13,922  )
intangible assets
Business
acquisitions, net of          (17     )       -               (5,169  )       -
cash
Restricted cash              (296    )      168           (2,154  )      (343     )
Cash (used in)                (19,668 )       (8,773  )       (65,943 )       (41,664  )
investing activities
Cash flows from
financing activities:
Proceeds from bank            6,581           49,072          96,086          316,595
borrowings
Repayment of bank
borrowings and                516             (48,794 )       (90,101 )       (317,704 )
capital lease
obligations
Deferred debt                 (524    )       (398    )       (524    )       (398     )
issuance costs
Issuances of common           348             1,104           3,706           10,914
stock
Purchase of treasury          (25,074 )       -               (25,074 )       -
stock
Repurchase of common
stock for tax                -             (490    )      (493    )      (490     )
withholding
Cash provided by              (18,153 )       494             (16,400 )       8,917
financing activities
Effect of exchange           (3,906  )      (3,537  )      (9,027  )      2,375    
rate changes on cash
Net increase in cash          (20,716 )       37,199          36,761          112,004
and cash equivalents
Cash and cash
equivalents—beginning        315,064       220,388       257,587       145,583  
of quarter/year
Cash and cash
equivalents—end of          $ 294,348      $ 257,587      $ 294,348      $ 257,587  
quarter/year
Supplemental
disclosure of cash
flow information—cash
paid during the year
for:
Interest                    $ 77            $ 156           $ 619           $ 843
Income taxes                $ 12,448        $ 5,218         $ 29,385        $ 26,632
Supplemental
disclosure of
non-cash, investing,
and financing
activities:
Assets acquired under       $ -             $ -             $ 34            $ -
capitalized leases
Accrued purchases of
property and                $ 2,368         $ 4,022         $ 2,368         $ 4,022
equipment
Accrued purchases of        $ 768           $ 223           $ 768           $ 223
intangibles
                                                                            


CROCS, INC. AND SUBSIDIARIES
UNAUDITED NON-GAAP NET INCOME RECONCILIATIONS
FOR THE THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2012 AND 2011
(In thousands)


The Company prepares and reports its financial statements in accordance with
U.S. Generally Accepted Accounting Principles (“GAAP”). Internally, management
monitors the operating performance of its business using the non-GAAP metrics
constant currency and Non-GAAP net income. Constant currency excludes the
effects of foreign exchange rate fluctuations by restating current period
results using the prior year average exchange rates. Non-GAAP net income
excludes the impact of new enterprise resource planning system ("ERP")
implementation expenses, non-recurring tax benefits, the accelerated
depreciation and amortization of our current ERP system and certain legal and
other contingency accruals. In management’s opinion, these non-GAAP measures
are used by, and are useful to, investors and other users of our financial
statements in evaluating operating performance by providing better
comparability between reporting periods because they exclude items that may
not be indicative of overall business trends and provide a better baseline for
analyzing trends in our operations. The Company does not, nor does it suggest
that investors should, consider such non-GAAP financial measures in isolation
from, or as a substitute for, financial information prepared in accordance
with GAAP. The Company believes the disclosure of the effects of these items
increases the reader’s understanding of the underlying performance of the
business and that such non-GAAP financial measures provide investors with an
additional tool to evaluate our financial results and assess our prospects for
future performance.

The following is a reconciliation of our net income, the most directly
comparable U.S. GAAP measure, to Non-GAAP net income:

                                             
                        Three Months Ended         Twelve Months Ended
                        December 31,               December 31,
                        2012         2011        2012          2011
GAAP Net income         $ (3,607 )     $ 5,571     $ 131,343       $ 112,788
(loss)
New ERP
implementation            870            -           870             -
^(1)
Contingency               5,904          -           5,904           -
accruals ^(2)
Depreciation
and                      648          -          903           -       
amortization
^(3)
Non-GAAP net
income before           $ 3,815        $ 5,571     $ 139,020       $ 112,788
income taxes
Income tax               -            -          (11,368 )      (3,634  )
(benefit) ^(4)
Non-GAAP net            $ 3,815       $ 5,571     $ 127,652      $ 109,154 
income
                                                                
Non-GAAP net
income per              $ 0.04        $ 0.06      $ 1.40         $ 1.20    
diluted share
                                                                   
^(1) This proforma adjustment in the GAAP to Non-GAAP reconciliations above
represents expenses related to the implementation of a new ERP system.

^(2) This proforma adjustment in the GAAP to Non-GAAP reconciliations above
represents contingency accruals of which $2.2 million was recorded in selling,
general and administrative expenses and $3.7 million was recorded in cost of
sales.

^(3) The proforma adjustments in this GAAP to Non-GAAP reconciliation
represent the add-back of accelerated depreciation and amortization on
tangible and intangible items related to our current ERP system and supporting
platforms that will no longer be utilized once the implementation of the SAP
ERP is complete.

^(4) The proforma adjustments in this GAAP to Non-GAAP reconciliation
represent the add-back of certain one-time income tax benefits. The year-ended
2012 includes a one-time tax benefit of $11.4 million related to the reversal
of certain tax positions and the release of certain valuation allowances
associated with deferred tax assets. The year-ended 2011 includes a one-time
tax benefit of $3.6 million related to a change in the international tax
structure.



CROCS, INC. AND SUBSIDIARIES
RETAIL STORE COUNTS
                                                            
                                   December                           December
                                   31,                                31,
Company-operated retail            2012         Opened     Closed     2011
locations:
Geography:
Americas                           199          44         (42)       197
Asia                               241          94         (51)       198
Europe                             97           63         (1)        35
Total company-operated             537          201        (94)       430
retail locations
Type:
Kiosk / Store in Store             121          39         (76)       158
Retail stores                      287          120        (13)       180
Outlet stores                      129          42         (5)        92
Total company-operated             537          201        (94)       430
retail locations
                                                                      

^1 Non-GAAP net income is a financial measure not calculated in accordance
with U.S. Generally Accepted Accounting Principles (non-GAAP). See the
non-GAAP reconciliations set forth later in this press release for additional
information.

^2 Comparable store status is determined on a monthly basis. Comparable store
sales begin in the thirteen month of a store's operation. Stores in which
selling square footage has changed more than 15% as a result of a remodel,
expansion or reduction are excluded until the thirteenth month they have
comparable prior year sales. Temporarily closed stores are excluded from the
comparable store sales calculation during the month of closure. Locations
closures in excess of three months are excluded until the thirteen month post
re-opening.

Contact:

Crocs Inc.
Investors:
William I. Kent, 303-848-7000
wkent@crocs.com
or
Media:
Katy Lachky, 303-848-7000
klachky@crocs.com
 
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