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Crocs unveils 20 new shoe styles

Footwear for spring, summer aims to lift demand

Published February 11, 2009 at 12:05 a.m.

Crocs on Tuesday introduced 20 new spring and summer styles as the one-time high-flying maker of colorful plastic clogs seeks to reignite demand for its shoes.

Crocs' new models include the Patricia, a 2- inch women's wedge sandal that will sell for $39.99, and the Gabby, a girl's sling-back flat with a butterfly Jibbitz charm that will sell for $24.99. Other new shoes include a two-toned children's clog priced at $29.99 and a men's slip-on shoe available in canvas or leather for $49.99 or $59.99, respectively.

All of the new shoes are priced at less than $60 to "meet not only the changing needs of our consumers but also meet the growing needs of our U.S. retail partners," said Ron Snyder, CEO of Niwot-based Crocs.

The company has been trying to expand beyond the simple clog, launched in six colors in 2002, that quickly became a phenomenon. The company's lineup has expanded to 250 models, including golf sandals and canvas slip-ons.

Crocs in January reported a third-quarter loss of $148 million as sales plummeted 32 percent to $174 million. The company has been trying to scale back its inventory to realign with slumping demand as shoppers are reluctant to make discretionary purchases. Snyder said at the time that one of the company's recovery strategies is to "develop new and innovative product lines" to help boost sales.

The company will report fourth-quarter earnings next week but already forecast an expected loss between 50 cents and 65 cents a share on sales of up to $120 million.

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