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Crocs Shares Crater on Earnings Miss

Sales rose, but not enough to satisfy analysts' forecasts


crocs_185x185Shares 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.

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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%.

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