Crocs, a global brand which is sold in more than 120 countries, has taken certain action to address the challenges it faces (not unique to Crocs in the current economic situation), including a new executive team in both US and Europe, completing the necessary restructuring that started last year.

"We have over 100 million happy feet that are testament to the benefits that Crocs has brought to the global footwear market and today are facing challenges resulting from rapid growth," said John Duerden, CEO of Crocs. At the end of Q1 in 2009, Crocs decreased its borrowing by 12 per cent to $19.8 million. The cash and cash equivalents at the end of Q1 2009 is $50.9 million. Crocs also successfully reduced the inventory position by over 50 per cent over the last year looking at Q1 2009 results.

"I am confident that through focused internal efforts as well as deeper working relations with our vast retail base, Crocs will continue to prove that it represents a sustainable position within the footwear market," Mr Duerden said.

"Crocs has continually invested in product development which has generated constant demand. Crocs will continue to innovate with its unique CrosliteT technology and continue to drive the comfort moulded footwear category to produce durable and affordable shoes in a wide variety of styles for men, women and children," he said.

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