DMT Beauty Transformation: Canada Goose Cuts Annual Forecasts Due to Covid-Related Disruptions in China
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Canada Goose Cuts Annual Forecasts Due to Covid-Related Disruptions in China

February 02, 2023BruceDayne

Canada Goose Holdings Inc trimmed its full-year revenue forecast on Thursday as Covid-induced restrictions weigh on sales of upscale jackets and parkas in China.

Efforts by the Chinese government to contain the spread of infections with its zero-Covid policy have hit revenues of luxury companies like Canada Goose that witnessed store closures, elevated inventory levels and decline in demand as consumers turned more cautious.

The Toronto, Ontario-based company cut its fiscal 2023 sales expectations to about C$1.18 billion to C$1.20 billion, compared with its prior forecast of C$1.2 billion to C$1.3 billion. Analysts expect an annual revenue of about C$1.24 billion, IBES data from Refinitiv showed.

The company forecast adjusted profit of between 92 Canadian cents and C$1.03 per share for fiscal 2023, compared with its prior target of C$1.31 to C$1.62. Analysts have forecast an annual profit of C$1.46 per share.

US-listed shares of the Canadian company fell 3.2 percent in premarket trading to $23.85.

By Granth Vanaik; Editor: Milla Nissi

Learn more:

Luxury Set for a ‘Bumpy Ride’ in China

Beijing’s Covid-19 policy shift will give the sector a boost in 2023 but a surge in infections and sluggish economic growth could dampen the recovery after an uplift from Chinese New Year.



Reuters, DMT.NEWS, DMT BeautySpot,

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