American rubber shoe manufacturer Crocs lost 30% of its market value per day

The American company Crocs, which produces brightly colored rubber shoes, lost almost 30% of its market value in one day. About writes german weekly magazine Spiegel.

The reason was the publication of an unexpected forecast of a 9-11% decline in the company's revenue in the current quarter.

Thus, Crocs shares closed the trading day down 29.24%. At the same time, after the end of the main trading, they recovered some of their losses and rose by more than 3%.

The company's CEO Andrew Rees said that Americans have become more cautious about spending money on goods that are not essential.

The duties imposed by the US President are an additional blow to business Donald Trump. In the second half of the year, Crocs expects additional costs of about $40 million.

Rees warned that a possible price increase would further reduce demand. In addition, the FIFA World Cup in 2026 and the Los Angeles Olympics in 2028 are likely to increase demand for classic sneakers, which will create additional competition.

Last quarter, Crocs' revenue grew by 3.4% to $1.15 billion, but the company recorded a net loss of $492 million due to the impairment of the Heydude brand. Last year in the third quarter, Crocs made $229 million in profit.

• August 7 increased US duties came into forceintroduced by the Donald Trump administration. They will affect dozens of countries, including the European Union.