President Xi Jinping has announced that China will fully implement zero-tariff treatment for 53 African countries with which it has diplomatic ties beginning May 1 this year.

In his congratulatory message to the 39th African Union (AU) Summit at Addis Ababa, he highlighted efforts to upgrade the ‘green channel’ for African exports.

President Xi Jinping has announced that China will fully implement zero-tariff treatment for 53 African countries with which it has diplomatic ties from May 1.
In his message to the 39th African Union Summit at Addis Ababa, he highlighted efforts to upgrade the ‘green channel’ for African exports.
UN chief Antonio Guterres praised the decision and called for other countries to take the same measure.

Praising the policy decision, UN Secretary General Antonio Guterres appealed at the Summit “to all developed countries and to all countries with a large economic potential to take exactly the same measure.”

“Africa needs free trade for its goods, and Africa cannot be penalised, being a continent with enormous economic difficulties, by trade policies that are restrictive and by tariffs that do not allow African products to be competitive,” the UN chief was quoted as saying by a Chinese state-controlled media outlet.

Noting the ‘multiplication of tariffs’ in recent times, Guterres reiterated his strong support for free trade and his advocacy for “reducing the tariff levels at the global level in order to be able to provide for global prosperity”.

Fibre2Fashion News Desk (DS)

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American footwear company Crocs Inc has reported consolidated revenues of $4.04 billion in the full-year 2025 ended December 31, down 1.5 per cent year on year (YoY), or 1.7 per cent on a constant currency basis. Direct-to-consumer (DTC) revenues grew 3.3 per cent, while wholesale revenues declined 6.2 per cent, reflecting channel rebalancing and softer wholesale demand.

The gross margin stood at 58.3 per cent, marginally lower than 58.8 per cent in 2024. Selling, general and administrative (SG&A) expenses rose sharply to $2,208 million, largely due to non-cash impairment charges related to the Heydude brand, including $430 million tied to the trademark and $307 million to goodwill. On an adjusted basis, SG&A increased a more moderate 6.8 per cent to $1,456 million.

Crocs Inc has reported full-year 2025 revenue of $4.04 billion, down 1.5 per cent, as wholesale weakness offset DTC growth.
Impairment charges linked to Heydude hit reported profit, though adjusted operating income remained strong.
The Crocs brand grew internationally, while Heydude declined.
Strong cash flow supported debt reduction and share buybacks.
The company expects modest revenue trends in 2026.

Reported operating income fell 85.4 per cent to $150 million, resulting in an operating margin of 3.7 per cent. Excluding impairments, adjusted operating income reached $901 million, with an adjusted operating margin of 22.3 per cent. Crocs posted a diluted loss per share of $1.50 for the year, compared to earnings per share (EPS) of $15.88 in 2024. Adjusted diluted EPS declined 5.0 per cent to $12.51, Crocs said in a press release.

For the full year, the Crocs brand grew revenues 1.5 per cent to $3,326 million, supported by an 11.9 per cent rise in international sales. Heydude revenues declined 13.3 per cent to $715 million, reflecting continued pressure in wholesale channels.

Strong cash generation remained a highlight. Operating cash flow reached approximately $700 million, enabling the company to repay $128 million of debt and repurchase around 6.5 million shares for $577 million during the year.

As of December 31, 2025, cash and cash equivalents stood at $130 million, inventories at $369 million, and total borrowings declined to $1,231 million. Capital expenditure for the year was $51 million.

Commenting on the annual performance, Andrew Rees, chief executive officer of Crocs, said: “We ended 2025 on a strong note with a better-than-expected Holiday quarter. For the year, revenue exceeded $4 billion, led by low-double digit international growth for the Crocs Brand. At the same time, we accelerated our strategic actions to strengthen the long-term health of both the Crocs and Heydude brands.”

“Our powerful value creation model drove operating cash flow of approximately $700 million which enabled us to return shareholder value as we repurchased approximately 10 per cent of our shares outstanding and paid down $128 million of debt,” added Rees.

For the fourth quarter (Q4) of 2025, consolidated revenues declined 3.2 per cent to $958 million, or 4.2 per cent on a constant currency basis. DTC revenues increased 4.7 per cent, while wholesale revenues dropped 14.5 per cent.

The gross margin declined to 54.7 per cent from 57.9 per cent a year earlier. SG&A expenses rose slightly to $377 million, representing 39.4 per cent of revenues, while adjusted SG&A declined 2.7 per cent to $363 million.

Income from operations decreased 26.8 per cent to $146 million, with operating margin narrowing to 15.3 per cent. On an adjusted basis, operating income reached $161 million, translating into an adjusted operating margin of 16.8 per cent. Diluted EPS fell sharply to $2.03, while adjusted diluted EPS declined 9.1 per cent to $2.29.

In Q4, the Crocs brand delivered revenues of $768 million, up 0.8 per cent YoY. DTC revenues increased 6.1 per cent, while wholesale revenues declined 6.7 per cent. International markets remained a key growth driver, with revenues rising 14.1 per cent, offsetting a 7.4 per cent decline in North America.

Heydude brand revenues fell 16.9 per cent to $189 million in the quarter, with wholesale revenues declining over 40 per cent, while DTC revenues remained flat.

During the quarter, Crocs repurchased approximately 2.2 million shares for $180 million and repaid $90 million of debt.

Looking ahead, Crocs expects a challenging start to 2026 but sees improving efficiency and disciplined investment supporting earnings growth. For the first quarter of 2026, revenues are expected to decline between 5.5 per cent and 3.5 per cent YoY, with adjusted operating margin of around 21.5 per cent and adjusted diluted EPS between $2.67 and $2.77.

For full-year 2026, the company expects revenues to range from down 1 per cent to slightly higher than 2025. The Crocs brand is projected to be flat to up 2 per cent, while Heydude revenues are expected to decline between 9 per cent and 7 per cent. Adjusted diluted EPS are forecast in the range of $12.88 to $13.35.

“We enter 2026 with greater confidence around our growth engines which are diversified across channels, geographies, brands, and product categories. We have identified and actioned $100 million of cost savings in 2026 aimed at driving greater efficiency while providing the flexibility to continue to invest behind our brands and deepen our connection with consumers,” said Rees.

Fibre2Fashion News Desk (SG)