Crocs's stock drops on Q3 profit warning

By Steve Gelsi

Footwear maker's share price gives back some of its 44% gain so far this year

Crocs Inc.'s stock was down about 5% Thursday after the footwear company warned its profit in the coming quarter may be weaker than expected, even as second-quarter earnings beat Wall Street expectations.

Crocs (CROX) said its profit for the three months ending June 30 rose to $228.9 million, or $3.77 a share, from $212.4 million, or $3.39 a share, in the year-ago quarter.

Adjusted second-quarter earnings of $4.01 a share handily beat the FactSet consensus estimate of $3.55 a share.

Second-quarter revenue rose to $1.11 billion from $1.07 billion and narrowly beat the analyst estimate of $1.1 billion.

For the third quarter, Crocs said it expects adjusted earnings of $2.95 a share to $3.10 a share, below the FactSet consensus estimate of $3.33 a share.

Ahead of Thursday's moves, Crocs's stock had risen about 44% in 2024, ahead of the 15.8% increase by the S&P 500 SPX.

-Steve Gelsi

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08-01-24 0955ET

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