Casual footwear company Crocs plans to reduce orders for the second half of the year due to a “concerning” consumer environment. CEO Andrew Rees cited cautious U.S. consumers facing price increases. Crocs stock dropped nearly 30% after a weaker-than-expected forecast. Revenue for the current quarter is expected to shrink 9-11% year over year. Crocs reported a net loss of $492.3 million for the second quarter, driven by a $737 million non-cash impairment charge related to its Heydude brand.

Read more at CNBC: Crocs reducing orders in the second half due to cautious consumer