NIWOT, Colo. (AP) -- Crocs on Tuesday cut its third-quarter outlook because of weaker-than-expected sales in the Americas.
Shares lost 44 cents, or 3.3 percent, to $13.17 in morning trading.
The maker of colorful plastic shoes forecast net income of 15 to 18 cents per share and $285 million to $295 million in revenue for the quarter through September. The company previously said its net income would be between 20 and 23 cents per share and revenue would be between $300 million and $310 million.
Analysts expect net income of 19 cents per share and $304.2 million in revenue, according to FactSet.
The company reported earnings of 49 cents per share on $295.6 million in revenue in the third quarter of 2012.
Crocs has been trying to expand its product line beyond its signature plastic clogs, adding wedges, sandals and even golf shoes. Sales in the Americas were weaker than anticipated in the current quarter, but sales in the Asia-Pacific region and Europe were somewhat better than expected. The company said that it expects strong wholesale demand for its spring and summer 2014 products.
Crocs Inc. also said it plans to set aside $80 million to $100 million for buying back its own stock or other "strategic investments." Stock repurchases can boost a company's earnings per share by reducing the amount of outstanding stock.
- Consumer Discretionary
- Company Earnings