来源｜中国经营报 作为洞洞鞋的鼻祖，Crocs的定价不菲，普通款价格从200多元到2000多元不等，一个小小的鞋花饰物售价就要28 到45元。有些稀缺联名款价格更高，例如与施华洛世奇联名的 "小鲸鱼洞洞鞋"，售价高达9999元。 尽管如此，Crocs在2023年却创造了销售奇迹，全年卖出1.2亿双，全年销售额创历史新高，达到39.62亿美元，同 比增长11.46%；净利润为7.93亿美元，同比增幅达46.73%。 然而，此后Crocs的增速却开始持续放缓。据Crocs2025年一季度报显示，主品牌营收同比增速继续放缓，2024年 一季度至2025年一季度增速为14.6%、9.7%、7.4%、4%、2.4%。 在与分析师的电话会议上，Crocs公司首席执行官Andrew Rees表示，美国消费者在非必需品支出上极为谨慎，客 流量下降，甚至"不去商店了"，这种影响在批发和奥特莱斯业务中尤为明显，且消费者对当前及潜在价格上涨的 担忧可能进一步抑制消费意愿。 这一事件不仅是Crocs自身的挑战，也折射出更广泛的消费市场正在经历的寒意。Crocs管理层传递出的最明确信 号是，美国消费者的钱包正在收紧，尤其是那些对价格更 ...

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]

曾经风靡一时的"洞洞鞋"制造商Crocs，正面临消费者热情退潮和宏观经济逆风的双重夹击。 周四，在发布了令人失望的业绩展望后，这家橡胶洞洞鞋制造商的股价在华尔街收盘时暴跌29.2%，触及近三年来的最低点。这也是其自2011年 10月以来最沉重的单日打击。该公司警告称，第三季度营收预计将同比下降9%至11%，这与路透社调查中分析师普遍预期的轻微增长背道而驰。 Crocs首席执行官Andrew Rees在与分析师的电话会议上直言不讳地表示： 除了外部的消费逆风，Crocs还面临着一个更根本的挑战：曾极大推动其增长的"丑鞋"时尚潮流可能正在降温。 Rees在会议上承认，消费者的品味正在发生变化，运动鞋履的风潮正再度兴起。 展望未来，他认为2026年的足球世界杯和2028年的洛杉矶奥运会等大型体育赛事，将更有利于耐克和阿迪达斯等传统运动品牌，这暗示着Crocs可 能面临来自运动时尚领域的更激烈竞争。 财务隐忧与关税冲击 与此同时，一笔巨额收购的后遗症正在显现。财报显示，在截至6月30日的第二季度，Crocs净亏损4.923亿美元。这主要是由于公司对其以25亿美 元收购的休闲鞋品牌HEYDUDE计提了超过7亿美元的减记 ...