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Canada Goose scales back 2022 outlook as COVID-19 hit sales

Jackets hang at the factory of Canada Goose Inc. in Toronto on November 28, 2013. THE CANADIAN PRESS/Aaron Vincent Elkaim

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.

Read more: Canada Goose going fur-free by end of 2022

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

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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.

Click to play video: 'People are being robbed of their Canada Goose jackets in Chicago' People are being robbed of their Canada Goose jackets in Chicago
People are being robbed of their Canada Goose jackets in Chicago – Jan 29, 2019

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