Crocs announced in which in which was closing the last of its manufacturing stores on Tuesday, however the footwear company asserted in which in which was not going out of business.
“In connection with ongoing efforts to simplify the business as well as improve profitability, during the second quarter, the company closed its manufacturing facility in Mexico as well as moved ahead with plans to close its last manufacturing facility, which is actually located in Italy,” the company said in a statement Tuesday.
The company did not offer explanations as to how in which would likely continue to manufacture shoes inside the Discharge, sending fans into a Twitter frenzy. Still, the company asserted in which in which was not going out of business.
In a note to CNBC, Crocs representatives wrote in which the company would likely continue to make its signature footwear through third-party manufacturers.
“As we streamline our business to meet growing demand for Crocs, we’re simply shifting production to third parties to boost our manufacturing capacity,” representatives wrote.
Shares closed down 2.65 percent at $17.64 Tuesday after the announcement was made as part of the company’s second quarter earnings Discharge. The stock rose more than 3 percent in Thursday afternoon trading.
Crocs reported earnings of 35 cents per share, beating the 31-cent consensus estimate of analysts as tracked by Thomson Reuters. Revenue for the quarter came in at $328 million, beating a FactSet consensus estimate of $321 million.
The company still expects expects revenue between $240 million as well as $250 million for the third quarter, in line with consensus estimates, despite the closures.
The company also announced in which Carrie Teffner, executive vice president as well as CFO of the casual footwear brand, would likely be leaving the company next April. Teffner will be succeeded as CFO by Anne Mehlman, a former vice president of corporate finance for the shoemaker as well as the current CFO of Zappos.