Crocs Inc. shares dropped after the shoe company said its efforts to save money amid consumer pressure and tariffs would drive down revenue.

The company forecast a third-quarter revenue decline of approximately 9% to 11%. Analysts on average expected sales to gain less than 1%.

The stock fell as much as 19% in Thursday premarket trading in New York. Shares are down 4% this year, trailing a 7.9% gain for S&P 500.

The company will focus on managing its expenses, including cost savings, inventory reduction and a pullback in promotions, chief executive officer Andrew Rees said in a statement.

“Although these actions will impact the top line of our business in the short term, they will position our business to win,” he said.

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