Why Crocs Plunged 16% Thursday
Shares of Crocs, Inc. (NASDAQ: CROX), a designer and developer of casual lifestyle footwear and accessories for men and women, declined 16% on Thursday.
Revenue during the first quarter dropped to $281.2 million, down from the prior year's $295.9 million mark and below analysts' estimates calling for $296 million. The disappointing sales figure trickled down to the bottom line, with adjusted earnings per share checking in at $0.22, below the prior year's $0.33 per share and also below analysts' estimates of $0.31 per share. A small silver lining for investors: E-commerce revenues increased nearly 16% from the prior year's first quarter, suggesting some consumers aren't totally abandoning discretionary purchases.
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Source Fool.com
