Crocs Shares Plunge After Q3 Earnings As HEYDUDE Brand Takes Longer To Turn The Corner

Crocs, Inc. (NASDAQ:CROX) shares are trading lower after the company reported third-quarter financial results and lowered its revenue guidance related to the HEYDUDE Brand.

The company reported adjusted earnings per share of $3.60 (+11%), beating the street view of $3.10. Quarterly revenues of $1.062 billion (+2%) beat the analyst consensus of $1.05 billion.

Crocs Brand revenues increased 7.4% to $858 million, or 7.9% on a constant currency basis. HEYDUDE Brand revenues decreased 17.4% to $204 million.

“We have sharpened our strategy around HEYDUDE as we work to create higher brand relevance through our product and marketing initiatives,” said Andrew Rees, Chief Executive Officer. “HEYDUDE’s recent performance and the current operating environment are signaling it will take longer than we had initially planned for the brand to turn a ...