KUALA LUMPUR, Jan 7 (Bernama) -- Bursa Malaysia’s benchmark index rebounded from earlier losses to close at its intraday high on Wednesday, gaining 0.27 per cent in late trading as buying interest returned to selected heavyweights. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) advanced 4.48 points to 1,676.83 from Tuesday’s close of 1,672.35. The benchmark index opened 0.88 of-a-point lower at 1,671.47 and subsequently hit a low of 1,665.94 during the mid-morning session before gaining momentum toward closing. On the broader market, losers led gainers by 565 to 512, while some 526 counters were unchanged, 1,046 untraded, and 10 suspended. Turnover improved to 2.73 billion units worth RM2.76 billion versus Tuesday’s 2.66 billion units worth RM2.76 billion. Dealers said that investors were cautious following geopolitical developments in Asia.
Crocs Inc. saw its shares drop by as much as 16% in US premarket trading after the shoemaker reduced its sales growth expectations and warned of significant declines in its casual HeyDude brand.
Despite the crucial back-to-school shopping period, Crocs reported flat sales growth in the third quarter. The company now expects 2024 sales growth of just 3%, the low end of its previous guidance range of 3% to 5%. Weighing down revenues is the HeyDude brand, with full-year sales expected to fall by 14.5% compared to last year, a steeper decline than the previous guidance of 8% to 10%.
Crocs CEO Andrew Rees acknowledged the difficulties facing the brand, stating, “HEYDUDE’s recent performance and the current operating environment are signaling it will take longer than we had initially planned for the brand to turn a corner.”
Crocs had experienced a resurgence in popularity over the past few years, following endorsements from celebrities like Justin Bieber and Post Malone, which helped the company triple its annual sales. However, recent setbacks include bans on Crocs in schools across the US due to safety concerns, which the company has called “baffling.”
As of Monday, Crocs shares were up 47% for the year, outperforming the S&P 500’s 22% rise.
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