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Crocs, facing a cautious consumer and reduced retail orders, plans to cut production for the second half of the year. CEO Andrew Rees cited concerns about discretionary spending and rising prices. The company reported a net loss of $492.3 million for Q2, largely due to a non-cash impairment charge. Crocs projects a significant revenue decline (9-11%) for Q3, below analyst expectations, and is implementing cost-cutting measures to protect profitability, impacting short-term sales.

Prepared by Christopher Adams and reviewed by editorial team.