A revolt against really ugly shoes?
And Crocs are so darn ugly. They just have absolutely no fashion or style to them, no matter what color they're in. Sorry, there is just not enough comfort in the world that would allow me to wear them.
Then there's that whole thing about little kids getting their feet hacked up by escalators that dangerously suck the Crocs into them. I'm not willing to lose my baby toe just to wear a really comfortable but really obnoxious pair of shoes. Sorry.It finally seems like the rest of the world is getting on board with me and turning their backs on Crocs. The company's stock fell 40% earlier in the week after the company announced horrible financial results. The shares closed at $10.22 on Friday... shocking in light of the fact that the stock was around $75 a share in October.
Why the big drop? Sales have been falling and are predicted to continue to fall. The CEO said in a conference call that "Current macro-trends in the environment" are to blame. Translation: The world has finally realized the shoes are ugly and they're done buying them. I don't know if this is the end for the company or if they'll just have to make some changes to the business. It's never nice to see a company fail, but since I can't see what anyone's attraction ever was to these shoes, I wouldn't be sad to see them go away.
Tracy L. Coenen, CPA, MBA, CFE performs fraud examinations and financial investigations for her company Sequence Inc. Forensic Accounting, and is the author of Essentials of Corporate Fraud.