Crocs Inc., global footwear brand offering shoes made of the signature Croslite material, has published its financial results for the first quarter of 2014.

Whilst global revenues increased by 0.2% to $312.4 million, Crocs’s global operating income decreased to $16.8 million in the first quarter of 2014 from $37.7 million in the respective quarter of the previous year.

Jeff Lasher, Crocs Chief Financial Officer, said: “Factors driving our first quarter 2014 performance included the impact of the shift of the Easter holiday from March into April, negative currency impacts in Japan and Russia, and the change in product mix. Russia represents about 15 percent of our business in Europe and our results in the region were impacted by the sudden weakening of the ruble in mid-January. As we continue to diversify our product line with new footwear brands such as the Stretch Sole and Busy Day and carryover products such as the Huarache and A-Leigh wedge, we are experiencing a reduction in Clog sales as a percentage of revenues. During the three months ended March 31, 2014, Clog silhouettes represented approximately 42% of sales, as compared with 47% in the three months ended March 31, 2013.”

As previously announced, John McCarvel has retired from his position as Crocs CEO and president on April 30, 2014. The board is in the process of a search for Mr. McCarvel's replacement and Mr. Thomas J.Smach, chairman of the board of Crocs, will serve as interim CEO until the board appoints a permanent president and/or CEO.
McCarvel has been with Crocs for 10 years and led the company since 2010.