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Crocs slashes second-quarter, 2008 forecasts; shares drop

by : Reuters

Date : Thu, 24 Jul 2008 21:13:03 GMT





LOS ANGELES (Reuters) - Shares of Crocs Inc lt;CROX.Olost half their value on Thursday after the shoemaker slashed profit and revenue forecasts for the second quarter and full year, citing a challenging U.S. market for its colorful shoes.Shares in Crocs, which had topped $75 last October, dropped to $4.45 in extended trade from a Nasdaq close of $8.95.For the second quarter, Crocs now sees revenue of $218 million to $223 million and diluted earnings per share of 3 cents to 7 cents, including a 1 cent-per-share charge related to the shutdown of its Canadian manufacturing operations.The company had previously forecast second-quarter revenue of $247 million to $258 million and diluted earnings per share of 42 cents to 47 cents, which included the charge associated with the shutdown of the Canadian manufacturing operations.Crocs now expects 2008 revenue to be down modestly from last year 's level. It also sees earnings per share at break even, including a total pretax charge of 16 cents per diluted share associated with the Canadian manufacturing shutdown.The company had previously forecast revenue growth of 15 percent to 20 percent and earnings per share of $1.54 to $1.64, including charges related to closing the Canadian operations.For the third quarter, Crocs forecast revenue of $195 million to $205 million and diluted earnings per share of 1 cent to 5 cents.(Reporting by Lisa Baertlein; Editing by Gary Hill and Braden Reddall) lt;br gt;(c) Reuters 2008. All rights reserved. Republication or redistribution of Reuters content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters and the Reuters sphere logo are registered trademarks and trademarks of the Reuters group of companies around the world.



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