Crocs Inc. reported second-quarter revenue of $1.15 billion, a 3.4% increase from a year earlier and slightly ahead of analysts’ estimates. Adjusted earnings per share rose to $4.23, but the company posted a roughly $492 million net loss after writing down the value of its HEYDUDE brand. The flagship Crocs line grew 5%, led by international markets, while HEYDUDE sales contracted. Management withdrew full-year guidance and said it will provide only third-quarter targets, citing uncertainty stemming from shifting global trade policies and a more cautious consumer backdrop. For the current quarter, Crocs forecasts revenue will fall 9% to 11% from a year earlier, well below the modest gain Wall Street expected. Executives said they are focusing on expense controls, inventory reductions and limited promotions to protect margins amid higher tariffs on Asian-made footwear. The downbeat outlook overshadowed the earnings beat, sending the shares down as much as 29% in New York trading—the steepest one-day decline since the early stages of the pandemic and the worst drop in 14 years. The sell-off erased nearly a third of the stock’s market value and added Crocs to the list of apparel and footwear makers struggling to navigate weakening U.S. discretionary spending and rising trade barriers.