Mrsduck101
DIS Veteran
- Joined
- Mar 4, 2002
- Messages
- 706
I have tried several of the knock-offs and they are NOT the same, not even close. If Crocs goes under, I will definitely stock up on them.
Marsha
Crocs' shares plunge as sandal sales sink
CEO vows 'new strategies' to go with forecast of fourth-quarter loss
By Matt Andrejczak, MarketWatch
SAN FRANCISCO (MarketWatch) -- Crocs Inc. shares plunged 45% Thursday, stumbling after the colorful sandal maker reported a whopping third-quarter loss and warned of further financial pain as it downsizes what was once a high-flying business to better match sharply reduced demand.
Crocs /quotes/comstock/15*!crox/quotes/nls/crox (CROX 2.80, -0.32, -10.26%) , whose first shoe hit the market five years ago, is writing off excess sandal inventory, slashing its spending budget by 50%, and shuttering its Brazil plant. It shut down a factory in Canada earlier this year.
The company expects to lose between 50 and 65 cents a share in the fourth quarter on sales of up to $120 million.
For the third quarter ended Sept. 30, Crocs posted a net loss of $148 million, or $1.79 a share, battered by inventory write-downs and restructuring charges.
Quarterly sales dropped 32% to $174 million.
The company's fortunes stand in stark contrast to a year ago, when its lightweight shoes were widely popular and consumers were more open to making discretionary purchases. Crocs made $57 million in the third quarter of 2007.
Looking to the longer term, "we are enacting new strategies aimed at reinvigorating our top-line such as developing new and innovative product lines, and refining our merchandising and distribution strategy," CEO Ron Snyder said in a statement.
/quotes/comstock/15*!crox/quotes/nls/crox CROX 2.80, -0.32, -10.26%
Crocs, based near Boulder, Colo., grew like gangbusters after 2003. It expanded into 90 countries, selling 250 different types of shoes for adults and kids.
The company's initial public offering in February 2006 raised $208 million, making it one of the richest ever for a U.S. footwear company.
But the shares began to collapse late last year, after zooming above the $70 level.
The stock closed Thursday at $1.05.
Matt Andrejczak is a reporter for MarketWatch in San Francisco.
Does anyone else think that the demise of the Crocs brand really didn't have all that much to do with the declining economy? I think they got so popular, so fast, that all of a sudden everyone had them, and tons and tons of knock offs were being made, and Crocs were just everywhere? Just like any "fad", which is what I consider Crocs to be, they peak in popularity, and then die out. Kind of like Beanie Babies...you can't give those away now, and that had nothing to do with a good or bad economy.
Or am I way over thinking this?
I just don't think this can be totally blamed on the economy.
I certainly hope that Crocs stick around. I love mine! I do have several pairs of the original Crocs, but I also have some cute slingback style ones that people don't assume are Crocs and are actually cute. Crocs have been great for my feet, so I hope they stick around!
I managed to give away my lion beanie baby. My dog loves it!!
Maybe the actual Crocs brand will be gone or bought by someone else, but the style will stay around as every company seems to have their own line now.
I agree they have something similar everywhere now.
So I saw the ones at LLBean....tried them on, AMAZING!Like I said they are $9.95...I got 3 pairs = $30.00 (same price I paid for my ONE pair of Crocs).
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Do they have men's versions?
No thanks. I still care about my appearance. If you buy shoes that fit with all the proper dimensions you don't need some ugly as <bleep> shoes.
Okay, either this report is from 2008, or the reporter is living on an entirely different calendar from the rest of the world.moneycentral.msn.com said:SAN FRANCISCO (MarketWatch) -- Crocs Inc. shares plunged 45% Thursday, stumbling after the colorful sandal maker reported a whopping third-quarter loss and warned of further financial pain as it downsizes what was once a high-flying business to better match sharply reduced demand.