Crocs's Stock Tumbles After Sales Outlook Lowered

Crocs Inc.'s stock tumbled 8.2% in premarket trade Wednesday, after the casual footwear seller lowered its third-quarter sales outlook. The company now expects revenue of $270 million to $280 million, down from previous guidance of $280 million to $290 million, according to FactSet. The company said the lowered guidance reflects unfavorable changes in currency exchange rates and its decision to withhold about $6 million of orders to certain China-based distributors during the quarter. The stock has climbed 12% year to date through Tuesday, while the S&P 500 had lost 8.5%.