Sink 25%

Crocs shares sink 25% because of tariff uncertainty

From CNN's Jordan Valinsky

Crocs, the maker of durable sandals and clogs, warned that tariffs and a pullback in consumer spending will hurt its revenue, sending shares down roughly 25%.

CEO Andrew Rees said in the earnings release Thursday that the “current operating environment is uncertain and challenging to predict.” The Colorado-based company has implemented $50 million in cost savings that has included decreasing promotions and inventory to “protect brand health in the marketplace.”

Crocs (CROX) previously said in May that it’s diversifying its sourcing, shifting away from countries affected by high tariffs, notably China, Vietnam and Cambodia.