NIWOT, Colo.—Shoe company Crocs Inc., best known for its bright plastic clogs, said Wednesday it swung to a first-quarter loss, hurt by charges, but revenue climbed past Wall Street's expectations and shares rose after hours.
For the three months ended March 31, the company posted a loss of $4.5 million, or 5 cents per share, down from a profit of $24.9 million, or 31 cents per share, in the same period a year earlier.
Excluding charges for the shutdown of its Canadian manufacturing operations, Crocs earned $7.6 million, or 9 cents per share.
Revenue rose 40 percent to $198.5 million from $142 million.
Analysts, on average, were expecting a profit of 10 cents per share, excluding items, on sales of $196.7 million, according to a poll by Thomson Financial.
Crocs had lowered its outlook last month to reflect sluggish sales.
The company said Wednesday the quarter's sales were below its original expectations "due to a combination of factors, including slower traffic at many of our retail partners and colder than normal temperatures that delayed the start to the spring selling season."
Crocs reaffirmed its full-year outlook.
Shares rose $1.56, or 15.6 percent, to $11.52 in after-hours electronic trading. The stock had closed down 6 cents at $9.96.
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