Apparently, despite the economy, peoples taste in shoes has improved. Sales in Crocs have tumbled.
SAN FRANCISCO (Reuters) - Crocs Inc (CROX.O) posted a sharply lower quarterly net profit on Thursday, as demand for its brightly colored plastic shoes fell and costs rose, dragging its shares down 8 percent.
The results, at the low end of Crocs' own outlook, were a fresh blow to the company and its investors, who were still reeling from its announcement last month that profit would come well below earlier expectations.
The maker of colorful shoes said second-quarter net profit was $2.1 million, or 3 cents per share, down from $48.5 million, or 58 cents per share, a year earlier.
Shares of Crocs lost nearly half their value last month following the Niwot, Colorado-based company's news that U.S. retailers were scaling back orders in light of the weak economy, and that overseas sales were slower than expected.
Since January, shares have fallen 88 percent.
Click Here for rest of article...
No comments:
Post a Comment