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Crocs footwear is closing plants, outsourcing manufacturing

11 August 2018

Footwear brand Crocs says it will close its last manufacturing facility, located overseas, but reassured customers that its signature shoe would remain in production.

In addition, Carrie Teffner, the company's executive vice president and chief financial officer is leaving.

But experts and the company itself have brought clarity to the ruckus: Crocs has confirmed via a tweet - and in a email exchange with FN - that it is not going away. Future manufacturing will be outsourced, Crocs said in a presentation to investors.

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The announcement of the manufacturing closures comes alongside the companys second-quarter earnings report, which showed the company grew its earnings and revenue by 4.7 percent compared to past year. Since then, there have been multiple media reports that Crocs is winding down production in our owned manufacturing facilities. Quite the contrary; Crocs will continue to innovate, design and produce the most comfortable shoes on the planet.

"Revenues and gross margin exceeded our guidance, and our diluted earnings per share were 75% above last year's second quarter based on the strength of our product and the growing demand for our brand".

Despite the increase in earnings, Croc Inc. said it plans to operate fewer stores.

Crocs footwear is closing plants, outsourcing manufacturing