Crocs Inc.’s shares plunged by 11% in premarket trading after the seller of brightly colored plastic clogs tempered growth expectations and warned of sales declines for its casual Heydude brand.

The company said it expects 2024 sales growth of 3%, the low end of its prior guidance of 3% to 5%. It cautioned that sales of its Heydude sneaker and casual loafer brand will be down by 14.5% compared to a year ago, versus down 8% to 10%.  

Crocs has seen a resurgence in the last few years, with annual sales more than triple over the last four years. After a decade-long fallow period during the 2010s, Crocs regained its relevance following a strategic move to target teens with endorsements from celebrities like Justin Bieber and Post Malone.

The shoemaker has run into trouble among schools in the US that are banning Crocs due to safety concerns and distractions. The company has said the school restrictions are “baffling.”

Crocs shares were up 47% so far this year compared to 22% in the S&P 500.