Canada Goose beats quarterly revenue estimates, pushing up share price

TORONTO –

Canada Goose Holdings Inc. beat estimates for quarterly revenue in its latest earnings even while its profit dipped compared to a year ago amid higher online sales and early wholesale orders.

The luxury parka maker says it earned a net income of $9 million or eight cents per diluted share for the quarter ended Sept. 26 compared with a profit of $10.4 million or nine cents per diluted share a year ago.

Revenue in the company’s second quarter climbed nearly 20 per cent to $232.9 million from $194.8 million in the same quarter last year, which had included $28.8 million from temporary personal protective equipment sales like masks.

On an adjusted basis, Canada Goose says it earned $13.2 million or 12 cents per diluted share, compared with an adjusted profit of $11.5 million or 10 cents per diluted share a year ago.

Analysts on average had expected Canada Goose to post a revenue of $206.1 million and an adjusted loss of nine cents per share for the quarter, according to financial data firm Refinitiv.

Canada Goose shares climbed 18 per cent in morning trading to $59.49, up $9.08 from the previous close to $50.41.

This report by The Canadian Press was first published Nov. 5, 2021.