Footwear brand Crocs has cut its forecasts for the third quarter after a slowdown in European and American sales.
According to The Times president and chief executive John McCarvel said he expected revenue growth of 27% for the three months to September 30, compared to a previous forecast of 30%. McCarvel said gross margins had been impacted because of lower direct to consumer sales in America along with a softness in the European market.
The company now anticipates its revenue to be $273m (£173m) to $275m (£175m) with a profit of 31 cents (20p) to 33 cents (21p) per share whereas Crocs previously forecast a revenue of $280m (£178m) with a profit of 40 cents (25p) per share.
According to reports shares subsequently sunk by 38% yesterday.
Crocs will report it its third quarter results on October 27.