Shoemaker Crocs ( CROX) widened its loss in the first quarter, sending shares plunging more than 20% in after-market trading.

During the quarter, the company recorded a loss of $22.4 million, or 27 cents a share, compared with a loss of $4.5 million, or 5 cents, a year earlier.

Excluding a foreign currency exchange loss, the loss was 23 cents per share.

Revenue fell 32% to $134.9 million from $198.5 million last year.

Going forward, Crocs expects a second-quarter loss in the range of 15 cents to 31 cents a share, but would not provide full-year outlook.

Shares were in the red after the market close, plunging 21% to $2.65, giving up some of Monday's gains.

Crocs normally trades 1,467 options a day, but Monday saw some 41,000 contracts change hands, according to OptionMonster's tracking systems.
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