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Crocs to outsource manufacturing of clogs, other footwear

Colorado-based footwear company Crocs Inc is closing company-owned manufacturing plants in Italy and Mexico by year's end and replacing its chief financial officer.


PTI Last Updated at 10-08-2018 00:59:57 IST United States

Colorado-based footwear company Crocs Inc is closing company-owned manufacturing plants in Italy and Mexico by year's end and replacing its chief financial officer.

The company announced the outsourcing of additional manufacturing and the closure of a distribution facility in Mexico Tuesday while reporting a second-quarter profit of USD 30.4 million, or 35 cents per share.

Crocs are also closing less productive retail stores as leases expire and focusing more on online sales.

Executive vice president Carrie Teffner will leave the company by next April but is stepping down as CFO on August 24.

Anne Mehlman, a former vice president of corporate finance for Crocs and current CFO of Zappos, will take over as CFO.

Crocs shares were trading at USD 18.70 at mid-day Thursday, compared to USD 8.50 on August 9, 2017.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)


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