Shoemaker Crocson Thursday cut its profit and revenue forecasts for the second quarter and full year, sending the company's shares spiraling by more than 50 percent in extended trading.
For the second quarter, the company now sees revenue of $218 million to $223 million and diluted earnings per share of 3 cents to 7 cents, including a charge of 1 cent per share related to the shutdown of the its Canadian manufacturing operations.
The company had previously forecast second-quarter revenue of $247 million to $258 million and diluted earnings per share of 42 cents to 47 cents, which included the charge associated with the shutdown of the Canadian manufacturing operations.
Crocs shares , which closed 9.41 percent lower at $8.95, were changing hands at $4.61 in extended trading.
Crocs now expects 2008 revenue to be down modestly from last year's level. It also sees earnings per share at break even, including a total pretax charge of 16 cents per diluted share associated with the Canadian manufacturing shutdown.
The company had previously forecast revenue growth of 15 percent to 20 percent and earnings per share of $1.54 to $1.64, including the charges related to closing the Canadian operations.
For the third quarter of 2008, Crocs forecast revenue of $195 million to $205 million and diluted earnings per share of 1 cent to 5 cents.
- Reuters contributed to this report.