Crocs announced third-quarter profits of $22.1 million yesterday, which is much better than their year-earlier loss of $148 million. So BOO, because despite all our hopes that these ugly, colored rubber “shoes” would vanish from the planet — or at least the American market — they are doing all right. The company has been working to cut costs and reduce inventory. CEO John Duerden doesn’t expect profits in the fourth quarter, possibly because the shoes have holes in them, something people won’t buy in the winter. Retail sales increased 40 percent, but in America sales slid 2.8 percent. Some have asked whether Michelle Obama has the power to save retail just by wearing clothes. Well, she doesn’t seem to have the power to save Crocs. But if Crocs didn’t give up on themselves, we won’t give up on our hopes and dreams, either.
Crocs Shares Slide As 4Q Guidance Disappoints Investors [WSJ]