Consumer
Crocs Shares Sink After Shoemaker Pares Back Sales Outlook
- HeyDude brand was a drag on Crocs revenue in third quarter
- 2024 projected sales growth on lower end of previous forecasts
Crocs has seen a resurgence in the last few years, with annual sales more than triple over the last four years.
Photographer: Jeenah Moon/BloombergThis article is for subscribers only.
Crocs Inc.’s shares fell the most in more than a year after the seller of brightly colored plastic clogs tempered growth expectations and warned of sales declines for its casual HeyDude brand.
The company now expects 2024 sales growth of 3% — the low end of its prior guidance of 3% to 5%. Crocs’ casual sneaker and loafer brand, HeyDude, is hurting performance, with full-year sales seen falling nearly 15% from a year ago. That compares with previous guidance of a drop of 8% to 10%.