The second quarter of the financial year meant a significant decline in the operating result for Crocs, Inc. After winning $ 326 million (299 million euros), the company slipped into the red figures with a loss of $ 428 million (393 million euros) last year. This corresponds to a decline of 231.2 percent.
Andrew Rees, CEO of Crocs, Inc., explained the numbers in the quarterly report. Due to uncertain and unpredictable circumstances, the company decided to save costs. So the inventory was reduced and the discount campaigns have been reduced. Rees said: “Although these initiatives influence our sales at short notice, they will position us for long -term profit growth, margin increases and strengthening our cash flows.”
Crocs, Inc. is the parent company of the brands Crocs and Heydude. The entire group recorded sales of $ 1.14 billion. This value was reached thanks to an increase of 3.4 percent.
The Crocs brand recorded growth of five percent. The turnover for the second quarter was $ 960 million. The Heydude brand, on the other hand, recorded a drop in sales of 3.9 percent during this period. Sales were therefore $ 190 million.
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