From Bloomberg (entire story):
April 15 (Bloomberg) — Crocs Inc., the maker of the namesake colorful clogs with holes, fell the most ever in Nasdaq trading after the company lowered its sales forecast and said it would fire 669 Canadian plant workers as retailers reduce orders.
“The shortfall in our top line is primarily attributable to weaker-than-expected domestic sales due to the challenging retail environment,” Chief Executive Officer Ronald Snyder said in a conference call today. “Colder-than-normal temperatures across much of the U.S. have delayed the start to the spring season.”
The company will close its Quebec City facility and move production to one of seven lower-cost plants. Crocs said today that 262 people were dismissed, while 407 will lose their jobs by the end of July. Slowing sales this year may signal the fad for the skid-resistant, foam-like shoes is ending, analysts said.
Every time I hear about Crocs, I think of this column by News Editor Patsy Brumfield.
http://djournal.com/pages/archive.asp?ID=252043&pub=1&div=Lifestyles
I sure hope they are! I’ve never understood their appeal. But I recently saw an ad for Crocs high heels in a magazine – Rolling Stone? Entertainment Weekly? one of those – and they ALMOST looked pretty.
Thanks Investools !!! Told me this was a good stock 6 months ago.
I can’t lie. The flip flops are SUPER comfortable.
Sheena, are these the shoes you are talking about?
http://www.surfanddirt.com/nofear/product.asp?dept_id=6405&pf_id=PAAAAAOPCCKHBDFE&ad_id=froogle&key_id=CROCSHIGHHEELCYPRUSSILVERLAVENDERCYPRUSSVLAV
And, I didn’t realize Crocs made this fashion line with $150+ price tags …
http://www.youbycrocs.com/
So, golfer, you going to hang on to the stock in light of the company’s recent wobbles?
Yep, that’s the shoes, only the ones I saw were in red. And the ad was pretty classy, so I guess that’s how they threw me off. I just think of Crocs being a laid-back kind of brand, so the fancy writing and all threw me off.
Time for the Crocs to go the way of parachute pants and that Michael Jackson Thriller jacket.
I’m so out of style, I missed the whole fad. Had a friend walk to me wearing them. I asked him if his wife knew he was wearing her shoes.
Were they the high heels like Sheena was talking about Draws?
No, I’ll probably put my money on Visa or Mastercard. People have to use those to buy all this junk.
I never liked those shoes…sorry, but they can go the way of every other fad!