Canada Goose revenue beats estimates on online surge, China demand
- The luxury parka maker is doubling down on the Chinese market, opening new stores and collaborating with Chinese designer Angel Chen for a new collection.
- Global e-commerce revenue jumped 39.3% in the reported quarter, helping the company post revenue growth for the first time since the onset of the pandemic.
Canada Goose Holdings Inc beat Wall Street estimates for quarterly revenue on Thursday, boosted by a surge in online sales and demand for the company's luxury parkas in China, sending its US-listed shares up 14.5%.
The luxury parka maker is doubling down on the Chinese market, opening new stores and collaborating with Chinese designer Angel Chen for a new collection, to tap into the pockets of affluent consumers who cannot travel as freely as they once used to.
Global e-commerce revenue jumped 39.3% in the reported quarter, helping the company post revenue growth for the first time since the onset of the pandemic.
Toronto, Ontario-based Canada Goose also said net income fell to C$107.0 million, or 96 Canadian cents per share, from C$118 million, or C$1.07 per share, a year earlier.
Revenue rose to C$474.0 million ($369.97 million) from C$452.1 million a year earlier, beating the average analyst estimate of C$415.27 million, according to IBES data from Refinitiv.