Canada Goose issues chilly forecast for 2022 as COVID-19 restricts retail sales

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Published February 10, 2022 at 9:49 am

TORONTO — Canada Goose Holdings Inc. has reduced its forecast for the year as new COVID-19 variant outbreaks and restrictions send a chill over the luxury parka maker’s profit and revenue expectations.

The Toronto-based company says lower than expected sales and retail traffic in parts of Asia and Europe prompted it to scale back its outlook for 2022. 

The revision came as Canada Goose reported a profit of $151.9 million or $1.41 per diluted share for its quarter ended Jan. 2, up from $107 million or 96 cents per diluted share a year earlier. 

The outdoor clothing company says revenue for what was its third quarter totalled $586.1 million, up from $474 million a year earlier.

On an adjusted basis, Canada Goose says it earned $1.42 per diluted share, up from an adjusted profit of $1.01 per diluted share a year earlier. 

Analysts on average had expected an adjusted profit of $1.45 per share and $583.24 million in revenue.

This report by The Canadian Press was first published Feb. 10, 2022.

Companies in this story: (TSX:GOOS)

The Canadian Press

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