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It's been one of the most fascinating stories over the past 24 hours Crocs posted disappointing second quarter profit revenue this week after an initial plunge of some 20%.
The stock then rebounded today fighting back what is behind the new found optimism about the company joining us now in a Fox Business exclusive -- -- -- -- -- -- -- -- -- And president.
Look they -- like some of the things in the earnings report they weren't thrilled with the guidance John another word about -- Japanese had headwinds let's just get that stuff out in front.
What was the problem this quarter and how can you fix it.
Well you know later arriving half spring.
Period you know has really heavily to -- both here in the United States and and in Europe in Denver we had snow and may.
And that's -- -- -- you know on the east associates have had here weather difficulties all through spring period.
And it just drove us to a decision.
After Memorial Day weekends is to become a little bit more promotional both here and in year two.
To move through elementary that we had actually purchased for our wholesale business which also saw slow starts the season -- Now we are in what the last couple of weeks has been.
A record heat -- things have calmed down a bit on the East Coast but did you see a spike in your sales so that people get a sense of what's going on with the current quarter.
Yeah you know -- we had a significant uptick obviously you -- June -- Comp store sales up both in the United States.
And in Europe on that run up time in the June time -- Asian comps were up 6%.
For the quarter so strong growth.
-- generation business up on the back of -- 8% come from the same quarter in 2012.
OK so -- you signed in June really nice moves I'm I'm gonna expect that that that will certainly show positively have a a solar -- effect on and on your earnings for the current quarter.
I'm gonna hold up issue this is a flip flop that looks very sort of surfer West Coast from the seventies I love it.
I -- I haven't bought a pair of the traditional Crocs that I think we have video of of the plastic what's right.
But I've got peace in the grand that they were -- on just the other week and I thought to myself a candidate I'm gonna give cracks -- -- I'm telling you I love them.
Who came up with the flip flop idea because now this is something that people are.
-- aware for sure.
Yeah you know listen -- we've had a chance tucked in the past and I think people.
Don't assume effective tracks has sold 55 million pairs of shoes last year wound in that portfolio products that we have.
Yes everybody gets stuck on my club but as we talked about and -- color our club business which is very important to us.
Is only 44% of our business sound flip flops account for.
In over 10% of her revenue in the warm periods -- in the spring not summer period.
We offer about thirty different styles of flip -- spent I think sometimes people just don't realize.
You know what to what the east 320 styles of shoes look like.
-- because when they -- down the street and see if flip flop on some -- splitter casual.
Product they don't always think about it being a crime.
What they need to know about the flip flops too because this is what I found that if you take a tight shot here they've got little.
Perforated things and they massage your feet the -- I swear it looked as things are okay let's get to Asia John.
Asia is a real opportunity for you talk about what you can do in the Asian market that will really meaningfully impact your number's going.
But -- last year I -- that -- in 2013.
That are Asian business would surpass -- America's business the growth rates are just at a faster.
Clip it's a brand let's just understood differently.
During the call yesterday we also setter on Wednesday we -- that.
What's driving -- attack growth and with -- retail store performances new products new products account for greater than 50% of our revenue at all during the second quarter.
So people see the brand differently it's seen as a lifestyle brand warmer weather and in the southeast Asian marketplaces.
In the Middle East and Australia.
Great uptick guns on new products and we think that that market's gonna continue to outgrow.
You know the rest of the world for for business going into 24 to.
And I can tell you every kid at camp has a pair of Crocs and their kids -- grow and so every year they have to buy a new pair it's great to see you great to see a company -- Fights back like that and goes forward and and becomes more than just a single product John thank you for joining us on Fox Business explicitly.
New enlistment catcher you're -- choose for your -- are.
So well for -- back to love football season and so we re launched in athletes and so we date -- is Korea right here.
I'll thank you so much go Berkeley I am -- -- David Blitzer -- college but see they can make your northwestern did you do northwestern is well.
We have your questions for you too good as -- you know.
OK good to go and I will I will be wearing a clock against John thank -- this -- -- nine but the problem is it's only the right one.
They're very Smart.
The only set as one -- I can walk around how about that so -- I'm gonna have the cal shoes and all of you Alabama graduates I know you want us to have our.
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