Welcome to the Crocs, Incorporated Second Quarter Fiscal 2012 Earnings Conference Call. At this time, all participants are in listen only mode. Following the presentation,
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Earlier this afternoon, Crocs announced its second quarter fiscal 2012 financial results. The Company would like to remind everyone that some of the information provided in this call will be forward looking, and accordingly are subject to the Safe Harbor Provisions of the Federal Security laws. These statements include,
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Crocs cautions you that these statements are subject to a number of risks and uncertainties described in the risk factors section of the Company’s 2011 annual report on form 10 K filed on February 29th, 2012 with the Securities and Exchange Commission. Accordingly,
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Crocs intends that all of its forward looking statements in this call will be protected by the Safe Harbor Provisions of the Securities and Exchange Act of 1934,
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Now at this time, I would like to turn this call over to Mr. John McCarvel, Chief Executive Officer of Crocs. Please go ahead, sir.

Thank you. Thanks for joining us this afternoon as we discuss our second quarter results. I’m joined by Jeff Lasher, Chief Financial Officer. After I share few opening comments, Jeff will review our second quarter financial results and provide further detail on our guidance.

Before we jump into review of the quarter, I’d like to review a few of the key points we shared with many of you during our Institutional Analyst Day in late May. This is an opportunity for us to the discuss in detail how the Crocs brand has evolved from one iconic product into a true casual lifestyle footwear brand by diversifying into other relevant categories such as sneakers,
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Typical to our global expansion as a casual lifestyle footwear brand is product innovation. This will help drive balance, challenge geographic growth as we focus on the identical long term growth drivers we discussed at last year’s Analyst Day.

These four organic growth drivers are as follows; 1) sustained growth in all regions,
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We are halfway through the year and are very pleased with where we are today in a far more difficult environment than 2011, we are on track to deliver a third straight solid year of top line growth driven by global Omni channel operations.

The new products in marketing campaigns are driving new consumers to the brand. All this coupled with strong management of the business. We have exceeded our EPS targets as we delivered on our commitment to profitable growth to our shareholder.

Now to the second quarter, sales increased 12% to an all time record $331 million. This was achieved through three of the four growth drivers,
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[Realized] sales fell short of our expectation and this came primarily from the inability to drive growth in all regions with the European market becoming increasingly more challenging over the past couple month.

In addition, sales growth in a US retail stores fell short of our expectations in the second quarter. While we’re disappointed,
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That’s not to say we won’t be promotional at times, we’ll continue to utilize this lever going forward. However, our plan is to be more strategic in slow end of life product throughout (inaudible) price channels market in a manner that has had the least impact to the bottom line and it doesn’t damage the brand’s image.

Getting back to what drove sales in the second quarter starting with new products. We continue to see our commitment to innovation pay off in newer collections of wedges,
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Wholesale expansion came from a combination of higher pre books and an increase in (inaudible) driven by demand for a new spring summer product lines. This year the breakdown between pre books and [out ones] was approximately 80% and 20% respectively compared to 77% and 23% respectively last year.

In US, we continued to gain momentum shelf space from a family footwear channel and mid tier department stores, which have emerged over the past years as the brand’s sweet spot.

In Asia,
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And finally the economic situation in Europe has made it more difficult to turn around this one sizeable business, and the recent wet weather in several key markets has compounded our issues in the second quarter.

With that said, we are optimistic that our current efforts to rebuild key wholesale relationships to a more complete product offering and improved execution, will yield positive gains beginning next year.

Turning to our direct to consumer business, retail sales increased 23% over a year ago, fueled by the addition of 87 net new locations over the past 12 months. Over this period, we have closed 21 kiosks, including three in the second quarter, as we are focused on opening larger,
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Year to date, we have opened a net of zero net retail locations in the United States,
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With regard to comps,
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Looking at the Americas region, comps for the first six months, which we think is a more accurate picture of the channel’s recent performance are up 3%. Asian comps continue to outperform the company average of 7%, while Europe was up 13%, which is a very encouraging trend,
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With that, I will turn the call over to Jeff.

Thank you, John. Hello everyone,
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First,
Cheap Webiste To Sale Jordan 11 Georgetown Low For Sale Authentic, revenue for the quarter increased $35 million or 12% to $331 million, and this level represents a record volume for any quarter in the company’s history. Constant currency basis, revenue grew 15%. Same store sales on a constant currency basis increased 2% globally in our retail channel, and Internet grew 10%. We also generated a record average selling price at $22.46 during the quarter.

Second, we were able to focus on enhanced profitability as we generated improvements in our operating margin, driven by gross margins, which expanded 170 basis points to 59.3%, compared to Q2 last year.

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