Crocs 1Q Loss Widens, Outlook Drives Down Shares

"There is still much work ahead of us in order to improve on our recent performance and return to consistent profitability," John Duerden, President and Chief Executive Officer of Crocs said in a statement.

The company said it expects a loss of 15 cents to 31 cents per share for the second quarter on revenue between $135 and $160 million. Crocs declined to provide annual guidance at this time given the uncertain global economic situation.

The midpoint of the company's quarterly loss estimate is far worse than the 17-cent loss estimated by analysts, who also have forecast sales of $141.6 million.

Shares of Crocs fell 62 cents, or nearly 18 percent, to $2.86 in aftermarket trading Thursday, having closed earlier down 22 cents at $3.48.