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DENVER (AP) — Crocs Inc. has eliminated 183 jobs and plans to close or restructure up to 100 company-owned stores after a sharp decline in second-quarter profits.
The Denver Post reports (http://dpo.st/1jStzR6 ) the Niwot-based maker of resin-molded shoes made the majority of the job cuts Monday.
The company reported second-quarter operating income of $41.9 million — down 17 percent from the same period in 2013. Net income to shareholders fell more steeply, dropping 45 percent to $19.5 million compared to the second quarter of 2013.
Revenue increased 3.6 percent to $376.9 million.
Crocs president Andrew Rees says the earnings report shows “the need for dynamic change in our strategy, organization and approach to the market.”