What You Need To Know: Crocs

Crocs to shut down last manufacturing facility, vows fans will still be able to buy sandals

“During our second quarter earnings announcement Tuesday, we shared that revenues and gross margin exceeded guidance, along with numerous other accomplishments that position our brand for success. Since then, there have been multiple media reports that Crocs is winding down production in our owned manufacturing facilities.

“While accurate, some people have interpreted that to mean that Crocs will no longer be making and selling shoes. Quite the contrary, Crocs will continue to innovate, design and produce the most comfortable shoes on the planet. As we streamline our business to meet growing demand for Crocs, we’re simply shifting production to third parties to increase our manufacturing capacity.

 “We’re extremely grateful, but not surprised that our passionate fans are rallying around the brand today. Our future is bright, bold and colorful.”

Original Story: While Crocs continue to be the go-to shoe for fans of comfort, the company announced Thursday it was shutting down its last manufacturing facility, located in Italy.

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Crocs has also closed its plant in Mexico. Company leaders did not state how the company will continue making the products.

While the Colorado-based company grew its earnings and revenue by nearly 5 percent in the second quarter, there are few stores in operation.

>>Related: High-heeled Crocs cause uproar on Twitter

Crocs has been branching out from its common slip-on sandal style and recently started selling high heeled versions of its shoes online.

Crocs is selling high heeled and platform versions of its shoes on Amazon.com and other online retailers.
Photo: Amazon.com

In the earnings report, Crocs indicated that it expects revenue to keep growing, in the single digits, by the end of the year.

It is unclear if Crocs will close any stores as a result of shutting down its manufacturing business.

The company also announced that CFO Carrie Teffner will resign effective in April of next year. 

Anne Mehlman will take over on August 24 this year.

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