Crocs Shares Reverse To Gains After Post-earnings Conference Call

By Tonya Garcia Markets MarketWatch Pulse

Crocs Inc. shares have swung to a 6.2% increase after falling as much as 3.5% in Wednesday premarket trading. The shoe company's shares fell after it gave weak third-quarter guidance, forecasting sales between $230.0 million and $240.0 million, below the $247.5 million FactSet consensus. On the earnings call, the company said the guidance includes the impact of store closures, with 25 stores expected to shutter in the the third quarter. The company closed or transferred 39 stores during the second quarter. Earnings and sales beat consensus. Crocs shares are up more than 38% for the last three months. The SPDR S&P Retail ETF is down 7.6% for the period, and the S&P 500 index is up 3% for the last three months.

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