Crocs delays quarterly filing with SEC
Crocs (Nasdaq: CROX) told the Securities and Exchange Commission it would be late in filing its quarterly financial report.
Crocs said that because of "significant changes" in its business operations during the quarter, "the management discussion and analysis of financial condition and results of operations could not be assembled and analyzed in a timely manner without unreasonable effort and expense to the registrant."
Last week, Crocs announced a drop in second-quarter profits to $2.1 million from $48.5 million a year earlier.
U.S. retail sales drop for July
The U.S. Census Bureau recorded a 0.1 percent drop in July retail sales, and an increase of just 0.4 percent when excluding auto sales -- the weakest performance in five months, and worse than the flat reading economists had been expecting. Both figures fell short of expectations, after June's sales were up 0.3 percent -- and 0.9 percent excluding autos -- on a revision.
Consumer-related stocks, which had recently shown strength thanks to cheaper oil prices, were hurting on the retail data. The Consumer Discretionary Select Sector SPDR exchange-traded fund sank over 1 percent.
Oil was slightly higher ahead of the weekly inventory report from the U.S. Department of Energy. Reports that Russia broke its ceasefire with Georgia may have contributed to crude oil rising $0.37 to $113.38.
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