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Crocs cuts jobs, closes stores after earnings drop

By: Associated Press
July 22, 2014 Updated: July 22, 2014 at 7:18 am
0

DENVER — Crocs Inc. has eliminated 183 jobs and plans to close or restructure up to 100 company-owned stores after a sharp decline in second-quarter profits.

The Denver Post reports (http://dpo.st/1jStzR6 ) the Niwot-based maker of resin-molded shoes made the majority of the job cuts Monday.

The company reported second-quarter operating income of $41.9 million — down 17 percent from the same period in 2013. Net income to shareholders fell more steeply, dropping 45 percent to $19.5 million compared to the second quarter of 2013.

Revenue increased 3.6 percent to $376.9 million.

Crocs president Andrew Rees says the earnings report shows "the need for dynamic change in our strategy, organization and approach to the market."

Locations of the job cuts were not announced.

___

Information from: The Denver Post, http://www.denverpost.com

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