Crocs Shares Fall On Weak 2nd-quarter Outlook

NEW YORK (AP) — Shares of Crocs Inc. dropped on Friday, after the plastic-shoe maker said it expects second-quarter results below analyst expectations.

Shares fell $1.06, or 30.4 percent, to $2.42 during midday trading. The stock has traded between 79 cents and $12.50 during the past 52 weeks.

Crocs late Thursday said its first-quarter loss totaled 27 cents per share, matching analyst expectations. Revenue fell 32 percent to $134.9 million, but that was above the $114.4 million analysts polled by Thomson Reuters expected.

However, the company forecast a second-quarter loss of 15 cents to 31 cents per share, while analysts expect a loss of 17 cents per share.

Crocs has struggled to regain profitability as it faces falling sales on declining demand and fewer orders from retailers. It has cut jobs and production plants and hired a new chief executive, John Duerden, who began in March.

Crocs said in 2008 it took steps to better align its expense structure with lower sales volume and strengthen its balance sheet.