Shares of plastic shoe maker Crocs (CROX) plunged more than 20% in Thursday morning trading after the company posted quarterly earnings that badly missed Wall Street expectations.
Crocs announced that it earned $35.4 million during the second quarter, down 43% from $61.4 million in the same period last year. Adjusted EPS came in at 48 cents, far below the 63 cents that analysts had anticipated, the Associated Press noted.
Looking to the current quarter, Crocs projected earnings of between 20 cents and 23 cents a share, disappointing analysts who were looking for earnings of 36 cents a share.
Despite a 10% rise, second-quarter revenue of $363.8 million still fell short of the $365.5 million that analysts had forecast.
The company noted that its sales grew 22% in both Asia and Europe, 9% in the Americas, but dropped 18% in Japan. Same store sales worldwide climbed just 1%.