Crocs Inc. dropped Thursday after the company warned that US consumers were increasingly cautious despite reporting better than expected earnings.
“There is a large portion of consumers who are nervous,” Chief Executive Officer Andrew Rees said on a call with analysts. While affluent consumers in North America are in “great financial shape,” he said others are “being super cautious about their spending and certainly spending closer to need.”
Shares of Crocs were down 2.6% at 10:14 a.m. after jumping in pre-market trading. So far this year, Crocs has fallen almost 23% as of the close on Wednesday.
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