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Canada Goose Earnings Exceed Wall Street Expectations

The Toronto-based company reported a 27.7 percent jump in revenue to $222.2 million.
Source: Canada Goose
By
  • Reuters

TORONTO, Canada — Canada Goose Holdings Inc reported quarterly earnings above Wall Street estimates on Wednesday, lifted by higher orders from department stores for its parkas and jackets, sending its US-listed share up 8 percent.

The company's wholesale business reported a 22.2 percent jump in sales to C$219.8 million, while revenue from its retail stores and online operations surged 47 percent to C$74.2 million.

Canada Goose gets the bulk of its revenue from its wholesale business in North America, where its goods are sold in department stores including Bloomingdales and Nordstrom Inc.

"Alongside continued growth at home, we are making great strides internationally, and we believe we are well positioned going into our peak selling season," Canada Goose Chief Executive Dani Reiss said.

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The Toronto-based company, known for its $1,000 parkas, opened flagship stores in Beijing and Hong Kong last year to cater to a growing appetite for luxury goods among affluent Chinese.

Overall, revenue rose 27.7 percent to C$294 million ($222.2 million), well above analysts' estimates of C$267.3 million, according to IBES data from Refinitiv.

Excluding items, the company reported a profit of 57 Canadian cents per share in the second quarter ended September 29. Analysts were expecting a profit of 43 Canadian cents.

Net income rose to C$60.6 million, or 55 Canadian cents per share, from C$49.9 million, or 45 Canadian cents per share, a year earlier.

The company, however, reiterated its outlook for fiscal 2020.

By Nivedita Balu; editor: Anil D'Silva

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