单季亏损超4亿美元，股价跌至三年低点！Crocs过气了？

Core Viewpoint - Crocs is experiencing a significant decline in performance, with a shift from profitability to losses, and a forecasted revenue drop, leading to a sharp decline in stock price and market value [2][7]. Financial Performance - In Q2 2025, Crocs reported a revenue increase of 3.4% year-on-year to $1.15 billion, with direct-to-consumer (DTC) revenue up 4% and wholesale revenue up 2.8% [2]. - The company transitioned from an operating income of $325.7 million in Q2 2024 to an operating loss of $427.5 million in Q2 2025 [2]. - Crocs anticipates a revenue decline of approximately 9%-11% for Q3 2025, contrary to market expectations [2]. - In Q1 2025, revenue fell by 0.14% to $937 million, and the growth rate of the main brand's revenue decreased from 14.6% to 5% from Q1 2024 to Q2 2025 [5]. Market Dynamics - Consumer spending on non-essential items has tightened, particularly among lower-income groups, impacting foot traffic and sales in wholesale and outlet channels [7]. - In Q2 2025, revenue from the main brand in North America dropped by 6.5% to $457 million, while international revenue grew by 18.1% to $502 million, partially offsetting North American losses [7]. - The company faces a projected $90 million impact from tariffs in 2025, increasing inventory costs and potentially affecting consumer purchasing behavior [7]. Strategic Challenges - Crocs' acquisition of HEYDUDE for $2.5 billion has not yielded the expected growth, with HEYDUDE's revenue declining by 3.9% to $190 million in Q2 2025, leading to over $700 million in non-cash impairment losses [7]. - The novelty of Crocs' "ugly shoe" appeal is waning, with increasing competition from traditional sports brands as major sporting events approach [8]. - Discussions on social media questioning the comfort of Crocs indicate a shift in consumer perception, potentially impacting future sales [8].