Shares of American footwear firm Crocs have plunged nearly 30% after it warned of a drop in sales as US shoppers rein in their spending.
The rubber clog maker says it expects revenue for the three months to the end of August to fall by about 10% compared with last year, saying that some shoppers are no longer visiting Crocs stores.
"We see the US consumer behaving cautiously around discretionary spending," said the firm's chief executive Andrew Rees.
The company's share price is now at its lowest level for nearly three years after suffering the worst single-day drop in almost 15 years.
Crocs warned of a "concerning" second half of the year, due to the high cost of living and the potential impact of US President Donald Trump's trade policies.
