Footwear Company Crocs' Stock Slumps: HEYDUDE To Be Blamed?
Portfolio Pulse from Shivani Kumaresan
Crocs Inc (NASDAQ:CROX) has seen its shares drop after slashing its FY23 outlook. Despite reporting a 6.2% YoY sales growth to $1.046 billion, beating analyst estimates, the company has cut its FY23 sales forecast to $3.905 billion - $3.94 billion from $4 billion - $4.065 billion. The company also reduced the HEYDUDE Brand revenue growth forecast to 4% to 6% from the prior view of 14% to 18% growth. CROX shares are trading lower by 7.55% at $80.81.
November 02, 2023 | 2:52 pm
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Crocs Inc has cut its FY23 sales forecast and reduced the HEYDUDE Brand revenue growth forecast, leading to a drop in its share price.
The company's decision to cut its FY23 sales forecast and reduce the HEYDUDE Brand revenue growth forecast has led to a negative market reaction, with shares dropping by 7.55%. This indicates a direct impact on the company's stock price in the short term.
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