Brian Cheung, Julie Hyman and Brian Sozzi break down some of Thursday’s early earnings movers, including Crocs, IBM and HP.
CROX earnings call for the period ending September 30, 2021.
The company, known for its rubber clogs, said on Thursday it would move production to China, Indonesia and Bosnia, from Vietnam which had become a manufacturing hub for many companies across the world, especially apparel. Crocs had planned on 70% of its production coming from Vietnam in 2021, before deciding to move out some output, Chief executive Officer Andre Rees said on an analyst call. Many factories in Vietnam's manufacturing hubs have been shut or are operating with drastically fewer on-floor workers since mid-July due to a surge in Delta variant cases, hitting supplies of major clothing companies including Nike Inc, Abercrombie & Fitch and Adidas AG.