Crocs Inc. swung to a loss and posted lower sales during the first quarter, the Niwot-based maker of colorful shoes reported Friday.
Crocs lost nearly $6 million, or 8 cents per share, on revenue of $262.2 million. In the first quarter of last year, Crocs had a net income of $6.4 million, or 6 cents per share , on revenue of $312.4 million.
“Compared to last year, our first quarter financial results reflect the strategic shift to focus the organization on a narrower range of businesses, less retail stores and a narrowed geographic focus,” Gregg Ribatt, chief executive officer, said in the statement. “The balance of our business continues to stabilize across all of our regions while we address the continuing challenges of the stronger U.S. dollar, our China business and the impact of the slowdown at the U.S. ports.”
Officials for Crocs also announced additional changes on its senior-level management team. Earlier this week, the company , resulting in the departure of Scott Crutchfield.
Crocs made the following moves: eliminated the position of senior vice president of global supply chain; named Phil Blake, formerly the vice president of sourcing at Clarks Americas, to senior vice president of global sourcing; promoted Dennis Sheldon, an eight-year veteran, to senior vice president of global distribution and logistics.
“Streamlining the organization at this time will help improve communication, speed decision making and provide better coordination between Crocs and its customers and suppliers,” Ribatt said in a statement.
Alicia Wallace: 303-954-1939, awallace@denverpost.com
