知名品牌股价一夜暴跌近30%，曾一年卖出超1.2亿双鞋

Core Viewpoint - Crocs is facing significant challenges, including a projected revenue decline of 9% to 11% for Q3, leading to a nearly 30% drop in stock price, marking the largest single-day decline in over a decade [1][3][6] Company Performance - In 2023, Crocs achieved record sales of $3.962 billion, a year-on-year increase of 11.46%, with a net profit of $793 million, reflecting a 46.73% growth [5] - However, growth has been slowing, with revenue growth rates decreasing from 14.6% to 2.4% over the next few quarters [5] Market Challenges - The company is experiencing a decline in consumer spending, particularly among price-sensitive groups, as indicated by CEO Andrew Rees [6] - The "ugly shoe" trend is waning, leading to increased competition from traditional athletic brands, especially with upcoming major sporting events [6] Regional Insights - Crocs has seen robust growth in the Chinese market, with revenue increasing over 60% in 2024, following a three-digit growth rate in 2023 [7] - The company faces challenges in China, including issues with counterfeit products and declining repurchase rates, which could impact brand value [9] Acquisition Impact - The acquisition of HEYDUDE for $2.5 billion has resulted in significant losses, with over $700 million in impairment charges reported [11] - HEYDUDE's revenue has declined by 17.5% in Q2 2024, marking the fourth consecutive quarter of revenue decline [11] Cost Pressures - Tariff policies are expected to impact Crocs with an estimated $40 million hit in the second half of 2025, leading to an annual impact of $90 million [11] - The company's selling, general, and administrative expenses increased by 5.2 percentage points to 34.2%, contributing to a decline in adjusted operating profit margin [9][11]