NEW YORK (
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.
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.
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