Crocs closing all its factories

Crocs has announced that it is selling off its last two factories and that its chief financial officer will be leaving next year.

The shoe brand said it will be shutting down a factory in Mexico and another in Italy as it outsources production in the hunt for greater profits, the Daily Mail reports.

Meanwhile CFO Carrie Teffner will be leaving the business at the end of March 2019 to be replaced by Anne Mehlman, of Amazon-owned shoe-seller Zappos.com.

Teffner is resigning her position this month and will leave the company effective April 1, 2019 'to pursue strategic board and advisory work'.

Announcement of her move comes after Crocs closed 28 of its 558 worldwide stores.

The firm plans to close another 132 stores by the end of 2018.

They company did not get specific about where the shoes would now be manufactured or in what country.

The company is headquartered in Niwot, Colorado, thirty miles outside of Denver.

Crocs suffered years of steadily declining growth with share prices more than halving between 2014 and 2017, when they hit a low of $5.94 each.

However, the company has since turned the business around including the launch of a high-heeled version of its signature shoe in July this year.

Share prices more-than tripled between May last year and June this year, and while values have tapered off since, the company seems intent on chasing further growth.

Crocs said it expects fiscal 2018 revenue of about $1.02 billion, slightly below analysts' expectations of $1.05 billion.

Andrew Rees, CEO and president, said: 'Our clogs and sandals continue to perform well, and we are well positioned for the back half of the year.

'We expect double digit e-commerce growth and moderate wholesale growth to more than offset lower retail revenues due to operating fewer stores and business model changes.'