Skip to main content



) --


(CROX) - Get Crocs, Inc. Report

narrower fourth-quarter loss was overshadowed by the departure of its CEO, sending shares of Crocs plunging in Friday trading.

Late Thursday, Crocs' CEO John Duerden surprisingly announced his departure after just a year in the position. Duerden will exit the company on March 1 and will be replaced by John McCarvel, who has been with Crocs in several executive positions for the past six years.

TheStreet Recommends

The news sent shares of Crocs tanking by 13.5% to $6.74 in afternoon trading. The announcement came right after Crocs reported a fourth-quarter loss of $11.4 million, or 13 cents a share, in-line with analysts' estimates. This compares with a loss of $34.7 million, or 42 cents, for the shoe maker in the year-ago period.

Revenue rose 8% to $136 million from $126.1 million last year.

Looking ahead, Crocs expects to generate between $155 million to $160 million during the first quarter, with earnings breaking even.

-- Reported by Jeanine Poggi in New York.

Follow on


and become a fan on