Published By : 08 Aug 2018 | Published By : QYRESEARCH
Crocs Inc. which is known to manufacture trendy and stylish footwear for all age group is about to close its manufacturing facility in Mexico. The Nitwot shoemaker is also plans to shut its last manufacturing facility in Italy.
According to Crocs this step was taken to simplify business and improve profitability in future. According to the report, in last quarter, the shoemaker is said to have closed 28 retail sales locations. Crocs now has less than 400 retail sales locations throughout the world. Last March, Crocs announced that it is planning to shut 160 out of 558 retail stores by the end of 2018.
According to reports, Carrie Teffner, CFO of Crocs Inc. is going to resign in order to do advisory work. According to the sources, Carrie will be replaced by Anne Mehlman, who comes from Zappos.com, Inc. Zappos.com,Inc., is an online shoe retailer which is by Amazon.com Inc. Anne Mehlman is known to have served as CFO in Zappos.com, Inc. Mehlman is known to have served as a vice president in the organization for five years.
Mehlman who is going to take the post of CFO in Crocs is going to earn US$550000 per annum. She is also going to receive a signing bonus of US$200000. In the recent quarter, Crocs’s reveneue rose to US$328 mn from US$313 in last year. Net income also increased to US$34.3 mn.
Crocs now is now looking forward to hit the revenue target of US$1.02 bn in the 2018 fiscal year. This target is less than what analysts have expected