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Crocs shares fall 45% on forecast

July 26, 2008|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.

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