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Third-quarter revenue will decline approximately 9% to 11%, the company said on Thursday, well below analysts' average estimate for a gain of less than 1%. On Crocs' earnings call with analysts, executives said they won't reinstate full-year guidance, which it first withdrew earlier this year, due to changing global trade policies.
The stock fell as much as 29% in Thursday trading in New York, the most since March 2020. The drop pushed the shares' year-to-date decline to nearly 30%, versus a 7.7% increase for the Russell 3000 Index.
Chief Executive Officer Andrew Rees said US consumers, faced with price increases, are behaving 'cautiously around discretionary spending.' This 'has the potential to be a further drag on an already choiceful consumer,' he added.
'They're not even going to the stores and we see traffic down,' he said, adding the current conditions are preventing the company from raising prices to compensate for the impact of tariffs on countries where Crocs produces footwear.
Crocs joins companies such as Steve Madden Ltd. and Lululemon Athletica Inc. that have been hit simultaneously by economic uncertainty and higher tariffs on nations such as China, which produces a large volume of apparel and footwear.
In the three months ended March 31, Crocs reported that China produced around 22% of products send to the US — a percentage the company plans to reduce. A 'predominant portion' of merchandise also comes from Vietnam, Indonesia, India and Cambodia.
Crocs is focusing on managing its expenses through cost cuts, inventory reduction and fewer promotions.
'Crocs might have a tougher time navigating tariff pressures, given its decision to pull back on promotions to preserve brand image,' Bloomberg Intelligence analyst Abigail Gilmartin said in a note.
--With assistance from Katerina Petroff and Micah Barkley.
(Updates with conference call detail and shares trading.)
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