Crocs, Inc. Temporarily Closes Its North American Retail Stores in Response to COVID-19

Crocs, Inc. CROX, a world leader in innovative casual footwear for men, women, and children, today announced that in response to the escalating global coronavirus (COVID-19) pandemic, it will temporarily close all of its company-operated retail stores in North America, effective March 17 through March 27.

All North America retail employees will continue to receive full pay and benefits for their regularly scheduled shifts during this temporary closure period. While our North American stores will be closed, customers may continue to shop on Crocs.com. To ensure all shoes are delivered safely, customers are simply asked to remain patient as they may experience some potential delays.

While Crocs' corporate offices remain open, corporate employees are currently encouraged to work remotely during this time. In North America and throughout the world, Crocs is complying with all local regulations and guidelines, and will continue to monitor the COVID-19 situation and reassess its approach with the latest developments.

Many retail stores in Europe are also currently closed in compliance with local regulations. In Asia Pacific, many company-operated stores have re-opened and store traffic has begun to improve. All Crocs offices and owned stores within Greater China have re-opened and offices within South Korea, Japan and Singapore remain open with regular deep-cleaning and enhanced sanitary requirements.

Crocs will provide a business update, including the impacts of COVID-19, during its first quarter fiscal 2020 earnings call, to be held in early May 2020.

Andrew Rees, President and Chief Executive Officer, shared, "At Crocs, we have long been in the business of comfort. Our goal is simple, to help everyone be comfortable in their own shoes. Health and safety are paramount to this and therefore remain a top priority for us for our customers, employees and communities. We will continue to monitor the situation and adapt, as needed, to the ever-changing environment. This unprecedented moment also allows us a chance to reflect on the amazing work of our Crocs team members and the loyalty that they have always shown Crocs. Together, we are confident we will all emerge stronger and that the Crocs brand and business will soon restore its great momentum."

About Crocs, Inc.:

Crocs, Inc. CROX is a world leader in innovative casual footwear for women, men, and children, combining comfort and style with a value that consumers know and love. The vast majority of Crocs™ shoes feature Croslite™ material, a proprietary, molded footwear technology, delivering extraordinary comfort with each step.

In 2020, Crocs will reinforce its mission of "everyone comfortable in their own shoes" with the fourth year of its global Come As You Are™ campaign. To learn more about Crocs or Come As You Are, please visit www.crocs.com or follow @Crocs on Facebook, Instagram and Twitter.

Forward-Looking Statements:

This news release includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements regarding our COVID-19 response and related expectations. These statements involve known and unknown risks, uncertainties and other factors, which may cause our actual results, performance or achievements to be materially different from any future results, performances, or achievements expressed or implied by the forward-looking statements. These risks and uncertainties include, but are not limited to, the following: the effects of the COVID-19 pandemic; current global financial and business conditions; the effect of competition in our industry; our ability to effectively manage our future growth or declines in revenues; changing consumer preferences; our ability to maintain and expand revenues and gross margin; our ability to accurately forecast consumer demand for our products; our ability to successfully implement our strategic plans; our ability to develop and sell new products; our ability to obtain and protect intellectual property rights; the effect of potential adverse currency exchange rate fluctuations and other international operating risks; and other factors described in our most recent Annual Report on Form 10-K under the heading "Risk Factors" and our subsequent filings with the Securities and Exchange Commission. Readers are encouraged to review that section and all other disclosures appearing in our filings with the Securities and Exchange Commission.

We do not undertake any obligation to update publicly any forward-looking statements, including, without limitation, any estimate regarding revenues, margins, capital expenditures, or SG&A, whether as a result of the receipt of new information, future events, or otherwise.

Category:Investors

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