Crocs, other companies’ sales could be impacted by coronavirus

Crocs, the comfort footwear praised by some and hated by others, could be seeing a slow thanks to the coronavirus.

Company officials said that while sales are currently higher, the first quarter could be impacted because of the illness, as could sale totals for 2020, CNN reported.

It could see sales impacted by $20 million to $30 million for the first quarter and $40 million to $60 million for the year.

Part of the reason is that Crocs are popular in Asian markets. It also uses non-U.S., third-party suppliers from China and Vietnam to make the foam shoes, according to CNN.

Sales of Crocs, according to Forbes, were down 16% Thursday.

On the other end of the fashion spectrum, Steve Madden also saw a drop in profits, but not as much, coming in at 6%, Forbes reported.

Nike is also feeling the impact of people not shopping, Forbes reported, as is Victoria’s Secret.

Another issue that many companies are facing is a delay in the raw materials needed to make their products.

Victoria’s Secret’s parent company said, “While we have a diversified finished goods sourcing by country, China is a critical source of raw materials,” Forbes reported.

Cox Media Group