Crocs Offers Ugly Forecast
Updated from 4/14/08
Crocs (CROX), the Niwot, Colo., sandals maker, slashed its estimates for the first quarter and 2008, citing a slowdown in consumer spending.
Additionally, Crocs said it will close its Canadian manufacturing operations in order to consolidate its production at lower-cost company-owned and third-party facilities.
For the first quarter, Crocs expects revenue of $195 million to $200 million. Previously, it was looking for sales of $225 million. Crocs also no longer expects the profit of 46 cents a share it had predicted. Now, it says it will post a bottom line between break-even and a loss of 5 cents.
Why Crocs Got Skinned
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