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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 [2]. 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 [3]. 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 [4]. 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 [5]. To get an idea of the company's history, including past internal troubles, read "Burning Rubber [6]," by 5280's Robert Sanchez.
Links:
[1] http://www.5280.com/tag/authors/michael-de-yoanna
[2] http://dealbook.blogs.nytimes.com/2010/05/06/market-drop-fueled-by-a-crisis-a-glitch-and-anxiety/
[3] http://www.crocs.com/home/homepage,default,pg.html
[4] http://denver.bizjournals.com/denver/stories/2010/05/03/daily67.html
[5] http://www.5280.com/blog/?p=17761
[6] http://www.5280.com/issues/2008/0806/feature.php?pageID=1154