Description

About Crocs:

• Founders: Lyndon “Duke” Hanson and George Boedecker Jr.
• Origin: Crocs originated from a foam clog design acquired from Foam Creations, Inc. of Quebec City.
• Foundation: The brand debuted its first model, the Beach, in 2001 at the Fort Lauderdale Boat Show in Florida.
• Sales: Crocs has sold a staggering 300 million pairs of shoes since its inception.
• Headquarters: Crocs relocated its headquarters from Niwot, Colorado to Broomfield in June 2020.

Financial History:

• IPO: Crocs conducted its initial public offering of common stock in February 2006, trading on the NASDAQ Stock Market under the symbol CROX.
• Stock Performance: Experienced significant fluctuations in stock value, including drops of 24% in October 2007 and 30% in April 2008 due to decreased revenue projections and earnings estimates during the financial crisis.
• Challenges: During the financial crisis, faced challenges in the retail environment resulting in layoffs and decreased orders.
• Stock Recovery: Despite lows during the crisis (dropping to as low as $0.79), Crocs’ stock rebounded to $15.50 by November 2010.
• Further Challenges: Experienced a single-day drop of about 39.4% in October 2011 due to lowered earnings and revenue forecasts.
• Net Profits Decline: In June 2013, reported a 42.5% decrease in net profits from the previous year, leading to a 20.2% stock decline in one day.
• Investments: In December 2013, SAC Capital Advisors disclosed a 5% stake in Crocs, shortly after The Blackstone Group announced a $200 million investment in a convertible preferred stock offering.