It was a rough ride for CROX shares last week as the company moved to quell unease over a filing by the company with the SEC last week to facilitate a further sell-off of shares by current shareholders. The company will not receive any proceeds from the sale of the shares and Piper Jaffray & Co. and Thomas Weisel Partners LLC will be joint book-running managers for the offering. To soften the blow of the sell-off, Croc, Inc. also issued improved guidance for the second quarter.

In a release late last week, Crocs said that, based on “strong demand from its consumers,” and resulting “faster than anticipated re-orders,” they now expect sales for Q2 to be in the range of $62 million to $65 million, up from previous guidance of $53 million to $55 million. Additionally, the company now expects net income per diluted share to range from 23 cents to 25 cents, versus its previous expectation of 21 cents to 22 cents.

On Friday, Crocs also announced that one of its directors, George B. Boedecker, Jr., had resigned. CROX made it clear that Boedecker resigned for personal reasons and did not resign because of a disagreement with the company’s management or on any matter relating to its operations, polices or practices.

All this resulted in a 16.7% decline in CROX shares for the week to close at $24.18 on Friday, above the offering price at its February IPO, but about 8.9% below the close at the end of its first week of trading. There is at least one group of investors looking at this as a plus. The Motley Fool reported last week that roughly 30% of CROX shares are sold short.


>>> This one will be interesting to watch after Q2 when the company has to anniversary the bigger numbers it started to post toward the end of Q2 last year