Crocs shares fall 45% on forecast
From Times Staff and Wire Reports
Shares of Crocs Inc. plunged 45% after the shoemaker forecast earnings lower than its previous prediction, raising concerns that it may not be able to sell its colored foam clogs profitably.
Second-quarter profit dropped to 3 cents to 7 cents a share, while sales were $218 million to $223 million, the Niwot, Colo.-based firm said. For the year, the company said it might break even, but warned that revenue would be “down modestly.”
Crocs shares fell $4 to $4.95.
