Shares in Crocs plummeted by more than a quarter on Thursday after the rubber clog maker issued disappointing sales guidance, gave a downbeat assessment on the US consumer and signalled the possible demise of the ‘ugly’ shoe trend.
At its second-quarter results on Thursday Crocs warned third-quarter revenue would fall by between 9 and 11 per cent compared with a year ago, confounding analysts’ expectations for slight growth, according to a Reuters poll.
“We see the US consumer behaving cautiously around discretionary spending,” chief executive Andrew Rees told analysts on a call. “They are faced with current and future implied price increases which we think has the potential to be a further drag [on spending]”.
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