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Canada Goose Cuts Annual Forecast as Omicron-Related Curbs Weaken Traffic

Customers wait in front of a Canada Goose store in Shanghai, China.
Canada Goose Holdings Inc cut its full-year revenue forecast on Thursday. (Getty Images)

Canada Goose Holdings Inc cut its full-year revenue forecast on Thursday, as Omicron-related restrictions weigh on demand for the company’s luxury parkas and footwear, sending its US shares down nearly 6 percent in premarket trade.

Sales of the luxury parka maker have been dampened by a resurgence in Covid-19 cases due to the Omicron variant in key markets, including China and Europe, that kept shoppers home during the all-important holiday quarter.

The company said it now expects revenue for fiscal 2022 to be between C$1.090 billion and C$1.105 billion, compared with its prior estimate of between C$1.125 billion and C$1.175 billion.

The company’s third-quarter revenue rose to C$586.1 million ($462.59 million) from C$474 million a year earlier, beating the average analyst estimate of C$583.2 million, according to IBES data from Refinitiv.

By Aditi Sebastian; Editor: Maju Samuel

Learn more:

Canada Goose Beats Quarterly Revenue Estimates on Strong Demand

Canada Goose Holdings Inc beat Wall Street estimates for quarterly revenue, driven by surging online sales and a strong demand for its luxury parkas amid the reopening of major economies.

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