Why Crocs Investors Aren't Panicking
The Dow Jones industrial average sank nearly 1,000 points yesterday in one of the "wildest days ever" for financial markets, writes The New York Times on its DealBook blog. Nervous traders, the faltering Greek economy and riots, a major trader error, and central bank complacency all seemed to work together to create one heckuva a panic. But one interestingly positive story has emerged from yesterday's dust---the continued success of Niwot-based Crocs. As stocks everywhere shook, Crocs---the maker of popular rubbery shoes---posted a first-quarter net income of $5.7 million, or seven cents a share, according to the Denver Business Journal. Compare that to a loss of $22.4 million, or 27 cents a share, for the same quarter a year ago, and it seems Crocs is on the mend. Crocs' retail sales are up 23 percent for the quarter; wholesale sales rose by 26 percent, and online sales were up by five percent. It's quite a turnaround for a company that was once struggling hard. To get an idea of the company's history, including past internal troubles, read "Burning Rubber," by 5280's Robert Sanchez.
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