Crocs Inc., a leading manufacturer of casual footwear and accessories, has reported a net loss in its latest quarterly earnings report. The company’s shares have taken a hit following the announcement.
According to the report, Crocs’ revenue decreased by 22% year-over-year, primarily due to decreased demand for its products. The company attributed this decline to various factors, including the ongoing COVID-19 pandemic and increased competition in the market.
The net loss was reported at $32 million, down from a net income of $63 million in the same period last year. Despite this, Crocs’ management expressed confidence in the company’s ability to adapt to changing market conditions and drive future growth.
Crocs has been facing intense competition in recent years, particularly from rival brands such as Skechers and New Balance. The company has been working to innovate its products and improve its operational efficiency to stay competitive.
Investors are closely watching Crocs’ performance, given the company’s significant revenue decline. The stock market reaction to the report will be crucial in determining the company’s future prospects.
Source: https://www.9news.com/article/money/business/crocs-report-loss-shares-drop/73-e83b07ec-29b3-4c40-9f5e-cfc958da7226