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Canada Goose cuts annual forecast as Omicron-related curbs weaken traffic -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO: Canada Goose logo seen in Manhattan, New York City on February 7, 2022. REUTERS/Andrew Kelly

(Reuters) –Canada Goose Holdings Inc has cut its full year revenue forecast due to Omicron restrictions weighing on the demand for its luxury parkas. This caused its U.S. shares to drop nearly 6% during premarket trade.

A resurgence of COVID-19 cases in key markets including China and Europe has impacted sales of luxury parka makers. It also kept customers home over the holiday quarter.

According to the company, revenue in fiscal 2022 will be C$1.090 billion to C$1.105 trillion. This is a significant increase from its previous estimate of C$1.175 billion or C$1.125 million.

According to IBES data, Refinitiv, the company’s revenue for its third quarter rose to C$586.1 Million ($462.59million) from C$474million a year ago. This beats an average analyst estimate at C$583.2 Million.

($1 = 1.27 Canadian dollars)

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